MCX Copper futures bounced on Friday as traders covered short positions a day after the metal hit its lowest levels in more than two months, MCX Copper June closed nwear 339.60 with gain of Rs. 4.60 per kg after registering days low near 334.30, while days high was registered near 341.80. Comex most-active July copper contract rose 5.10 cents to settle at $3.5890 per pound.
Support came from increasing consumer prices, the U.S. consumer-price index increased 0.6% in May, the Labor Department said Friday. Wall Street has expected an increase of about 0.5%.
Inventories of copper stored in London Metal Exchange warehouses rose 550 metric tons Friday, leaving them at 121,175. The most recent Comex inventory data, released late Thursday afternoon, were steady at 11,040 short tons.
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Kamlesh Jogi
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