India copper steady on China stockpile plan
(Updates prices, adds details)
MUMBAI, Dec 1 (Reuters) - Indian copper futures traded steady on Monday after news China's Yunnan province would build a stockpile of base metals offset negative sentiment from slowing demand, analysts said.
China's Yunnan province would buy 150,000 tonnes of copper, 300,000 tonnes of zinc and 100,000 tonnes of tin to help metal smelters struggling with weak domestic demand and low prices. [nHKG203215]
At 5.48 p.m., benchmark February copper MCCG9 was down 0.11 percent at 189.30 rupees per kg.
"The news has definitely supported copper prices but this also is a very temporary kind of support.. ultimately it gets down to the fundamentals of slowing demand," said an analyst with a Mumbai-based brokerage.
Weighing on sentiment is also a slow start to the U.S. holiday shopping season, which is likely to bring little Christmas cheer to markets and sales are likely to be worse than thought. [nSP367448]
The U.S. is the second largest consumer of base metals in the world.
"Intraday MCX copper is expected to rally from current levels and test 192 rupees," said Debjyoti Chatterjee, associate vice-president, MAPE Admisi Commodities Pvt Ltd.
ZINC, LEAD Continued...
One Year Later
Mumbai held tearful memorials and police staged a show of strength as it marked the first anniversary of militant raids that killed 166 people and ratcheted up tensions with Pakistan. Slideshow | Full Coverage
Liberhan Commission Report
The government published a long awaited report, recently leaked, accusing BJP leaders of a role in the 1992 destruction of the Babri mosque in Ayodhya. Full Article
