Copper prices gained today at Multi Commodity Exchange on expectation of China to take encouraging steps to strengthen economy.
Copper prices gained to Rs.404.80 after opening at Rs.401.5. Dampening growth at China, world largest metal consumer, may force government to provide stimulus or to make policy changes to boost economic growth.
China, world second largest economy, has been showing weak economic results since the beginning of the year. Copper prices slid highest among all other industrial metals on these poor readings. Chinese currency has also depreciated heavily in last one month.
After erasing earlier losses the metal is still down by 5% in this month. Expectation of increased demand at China has also supported copper prices. Inventories monitored by Shanghai Future Exchange and London Metal Exchange fell by 325 tons and 1350 tons respectively.
In next week Manufacturing PMIs of U.S. and China will be released that may provide further idea on metal trend.
Other base metals also remained positive at domestic market.