5/29/2012 10:46:00 AM
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Commodity Updates
GOLD RISES AS GREEK ELECTION OUTLOOK LIFTS EURO.
BRENT CRUDE OIL RISES ABOVE $107 ON GREECE, IRAN..
COPPER UP ON GREEK HOPES , CHINA STIMULUS.
DOMESTIC OIL AND OILSEED TRADE UP ON POSITIVE GLOBAL CUES.
Live Copper Updates
Copper slipped on Tuesday as Spain's debt risk premium hit a euro-era high, reviving fears that the euro zone's debt crisis may worsen and shear off the region's demand for metals.
Sentiment was also dampened by comments from a Chinese government economist that growth in the world's second largest economy is likely to dip below 8 percent in the second quarter.
The concerns offset easing worries on Monday over Greece's commitment towards bailout conditions.
Copper India
Taking positive cues from global markets amid rising spot demand, copper futures prices today rose by 0.60 per cent to Rs 426.45 per kg.
At the Multi Commodity Exchange, copper for delivery in June rose by Rs 2.55, or 0.60 per cent, to Rs 426.45 per kg, with a business turnover of 4,412 lots.
Similarly, the metal for delivery in far-month August was up by Rs 2.50, or 0.58 per cent, at Rs 430.80 per kg, with a trading volume of 306 lots.
Globally, copper for three-month delivery rose by 1.4 per cent to USD 7,742.75 a tonne at the London Metal Exchange (LME), while at Shanghai, it climbed 1.1 per cent to 56,000 yuan (USD 8,830) a tonne.
Crude Updates
Oil rose above $107 per barrel on Monday as fears of a euro zone break-up receded, but Middle East oil supply worries resurfaced after minimal progress in talks over Iran's nuclear programme.
Opinion polls suggested Greece's pro-bailout conservatives could win elections on June 17, keeping the country in the euro zone and making a swift collapse of the currency bloc less likely.
Ben Taylor, a trader at CMC markets, said news from Greece was key to commodities markets.
