Indian Copper rides higher on Thursday - 4 Nov 2016

The red metal closed at INR 331.95 per kg and tested high of INR 332.50 per kg while on the lower side INR 327.85 kg levels registered.

In a important news, Glencore came out with its third quarter and year to date results recently. The company stated that year to date production reached of own sourced Copper was 1061200 tonnes down 66300 tonnes or 6 percent from the comparable 2015 period, reflecting suspensions at our African assets, partly offset by improved grades and throughput in South America. Glencore's share of copper production of 164,300 tonnes was 25500 tonnes (18 percent) higher than the comparable period, reflecting improved milling rates and grades.

Antamina Glencore's share of copper production was 112300 tonnes up 19100 tonnes or 20 percent than the comparable period, while zinc production of 40100 tonnes was respectively down 19600 tonnes or 33 percent, due to anticipated grade variations in the mine plan.

This month, Chinese manufacturing data comfortably beat expectations in October with the Caixin manufacturing PMI rising to its highest in more than two years at 51.2. While other industrial metals and steelmaking raw materials have jumped in value this year, the bellwether metal has advanced a modest 4 percent this year. The copper price hit six year lows in January following a 26 percent decline in 2015.

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