Copper Zinc Updates of 15th January 2015

COPPER

Copper prices fell by 0.57 percent on Wednesday at the domestic markets due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 2675 metric tonnes to 194000 metric tonnes as on January 14, 2015. 

At the MCX, copper futures for February 2015 contract were trading at Rs.389.40 per 1 kg, down by 0.57 per cent, after opening at Rs. 391.70 against the previous closing price of Rs. 391.65. 

Copper touched the intra-day low of Rs. 388.75 till the trading. 

ZINC

Zinc prices fell by 2.40 percent on Wednesday at the domestic markets after the World Bank cut its growth forecast for the global economy in 2015 to 3 percent from 3.4 percent estimated earlier amid a slowdown in Europe and China, dimming the demand outlook for the metal.

Zinc futures for January 2015 contract, at MCX, were trading at Rs 125.90 per kg, down by 2.40 per cent after opening at Rs. 128.50 against the previous closing price of Rs. 129. It touched the intra-day low of Rs. 124.45 till the trading.