Copper futures flat on China concerns
27/06/2014 10:38
Copper futures were trading on a flat note in the domestic market on Friday as investors and speculators stayed cautious of booking fresh positions in the industrial metal amid fears that demand for the base metal as a collateral for loans may decline in China, the world’s biggest metals consumer after China’s chief auditor found 94.4 billion yuan of loans backed by falsified gold transactions. Further, the Federal Reserve signaled that the first hike in interest rates may occur by Q1 2015, dimming the demand outlook for copper. At the MCX, copper futures for June 2014 contract is trading at Rs. 420.30 per 1 kg, down by 0.01 per cent, after opening at Rs. 420.30, against the previous closing price of Rs. 420.35. It touched an intra-day low of Rs. 420. (At 10:26 AM)
27/06/2014 10:38
Copper futures were trading on a flat note in the domestic market on Friday as investors and speculators stayed cautious of booking fresh positions in the industrial metal amid fears that demand for the base metal as a collateral for loans may decline in China, the world’s biggest metals consumer after China’s chief auditor found 94.4 billion yuan of loans backed by falsified gold transactions. Further, the Federal Reserve signaled that the first hike in interest rates may occur by Q1 2015, dimming the demand outlook for copper. At the MCX, copper futures for June 2014 contract is trading at Rs. 420.30 per 1 kg, down by 0.01 per cent, after opening at Rs. 420.30, against the previous closing price of Rs. 420.35. It touched an intra-day low of Rs. 420. (At 10:26 AM)
