The commodity market is witnessing a record boom globally. Copper and iron ore prices reached record highs on Friday due to strong Chinese demand and weakness in the dollar. Copper touched an all-time high of $ 10,253 a tonne on the London Metal Exchange and also surpassed the previous record level seen in February 2011. At the same time, iron ore reached a high of $ 202.65.
According to experts in the commodity market, the price of copper may increase further in the coming time. Actually, there is an improvement in the economy around the world. Consumption of industrial copper has increased in neighboring China. In addition, Chile, which produces about a quarter of global copper, has announced a tax of 75 percent on its mining. Hence the demand for copper has increased rapidly.
There is so much price in the Indian market
Talking about the Indian market, copper prices rose by 0.77 per cent to Rs 776.55 per kg in futures trade on Friday amid rising demand in the spot market. At the Multi Commodity Exchange, copper for delivery in May rose by Rs 5.90, or 0.77 per cent to Rs 776.55 per kg. It traded for 5,208 lots. Market analysts attributed the rise in copper futures to increase in the size of their trades by traders on the back of pick-up in spot demand.
Nickel futures also increase
Due to increased demand from alloy makers in the spot market, speculators bought fresh deals, leading to a rise of 0.47 percent to Rs 1,333.60 per kg in futures trade on Friday. At the Multi Commodity Exchange, the price of nickel contract for delivery in May rose by Rs 6.20, or 0.47 percent to Rs 1,333.60 per kg. It traded for 1,765 lots.