Copper prices soared to settle at Rs 616.90 per kg on December 18 after hitting a new lifetime high of Rs 617.45 during the day on the Multi Commodity Exchange. The base metal extended gains after a gap up opening and close at the high point of the day.
Copper is steadily rising up and is nearing its highest level in 8 years in the global market as stockpiles around the world fell, the Fed promised to pump more money into the markets, and optimism of US stimulus package. According to the International Copper Study Group, global usage in August 2020 was at 2.175 million tonnes, higher by 1.21 percent compared to 2.149 MT of the previous month.
The US dollar settled modestly up at 89.83 or up 0.10 percent yesterday against a basket of six currencies, down 1.21 percent for the week.
MCX Gold Watch; Gold trades flat but above Rs 50,000
MCX Gold price today, next target seen at Rs 49400
MCX Gold futures on made First Weekly Gain