Copper on MCX settled up 1.92% at 370.85 on fresh buying after supply concerns in Chile seen with recent data pointing to robust import demand from China. MCX Copper got support tracking Three-month copper on the London Metal Exchange which edged up to trade $5,736 a tonne extending an overnight gain that saw the metal at its highest in a week.
Sentiments also improved after Copper stocks in LME warehouses fell 7,875 tonnes on Wednesday to 286,350 tonnes, continuing their retreat from early May’s seven-month high. They have declined almost 20 percent from that peak.
From data point China reported stronger-than-anticipated exports and imports for May despite falling commodity prices, suggesting the economy is holding up better than expected despite rising lending rates and a cooling property market.
Traders are caution s uncertainty from Euro Zone as yesterday Sterling sank after British elections seemed to have left no single party with a clear claim to power, sideswiping investors who had already weathered major risk events in the United States and Europe.
British Prime Minister Theresa May spectacularly lost her electoral gamble, according to an exit poll that suggested her Conservatives would fall short of a majority in parliament, throwing her Brexit plans into disarray.
While Former FBI director James Comey accused President Donald Trump on Thursday of firing him to try to undermine its investigation into possible collusion by his campaign team with Russia’s alleged efforts to influence the 2016 presidential election. — Neal Bhai Reports