Copper Updates
Copper in London jumped by the most in almost a month on expectations that a recovering Chinese economy will boost demand from the largest user. Metal for delivery in three months gained as much as 1.7 percent to $7,945.25 a metric ton on the London Metal Exchange, the most since Nov. 29, and was at $7,926.50 as of 10:08 a.m. Shanghai time. The market was closed for two days for public holidays. Copper for April delivery on the Shanghai Futures Exchange gained 0.6 percent to 57,480 yuan ($9,217) a ton.
Chinese industrial companies’ profits rose 22.8 percent in November from a year ago to 638.5 billion yuan, the National Bureau of Statistics said on its website today. That compared with gains of 20.5 percent in October and 3 percent in the first 11 months of the year.
Chinese industrial companies’ profits rose 22.8 percent in November from a year ago to 638.5 billion yuan, the National Bureau of Statistics said on its website today. That compared with gains of 20.5 percent in October and 3 percent in the first 11 months of the year.
Gold Live UpdatesAccording to analysts, gold prices are likely to settle around Rs 29,000 to Rs 32,000 per 10 grams in the near term due to better economic growth expectations and expected rate cuts from banks. Gold prices in the capital fell by Rs 220 to Rs 31,000 per 10 grams on Wednesday. In Mumbai, gold prices stood at Rs 30,700 per 10 grams. Prices in international markets too fell 0.4% to $1,651.62 an ounce. "In 2013, markets will get more focused on demand. Prices could be slack to bearish in the first half. Overall, the outlook for gold prices is likely to remain firm due to expectations of interest rate cuts," said Thiagarajan.
With rupee expected to remain at 49-50 levels against the dollar, experts say gold prices are likely to rally after August 2013. "Even Rs 35,000 per 10 grams is an easy level to reach in the second half. In India, gold prices always witness a spike around August and then continue to go up till December. But, it will settle at RS 32,000 per 10 grams level eventually," said Ashok Mittal , CEO, Emkay Commotrade.
With rupee expected to remain at 49-50 levels against the dollar, experts say gold prices are likely to rally after August 2013. "Even Rs 35,000 per 10 grams is an easy level to reach in the second half. In India, gold prices always witness a spike around August and then continue to go up till December. But, it will settle at RS 32,000 per 10 grams level eventually," said Ashok Mittal , CEO, Emkay Commotrade.
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