Copper futures lower on weak China demand
outlook
24/06/2014 11:22
Copper futures fell in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal tracking a weak trend in the overseas market amid concerns that a probe into financing transaction in the Qingdao port in China, the world’s biggest metals consumer, may crimp the demand for the base metal as collateral in loans. Further, China’s copper imports fell for the first time since February, down 17 per cent to 282,969 tons in May. At the MCX, copper futures for June 2014 contract is trading at Rs. 416.90 per 1 kg, down by 0.30 per cent, after opening at Rs. 417, against the previous closing price of Rs. 418.45. It touched an intra-day low of Rs. 416.25. (At 11:08 AM).
24/06/2014 11:22
Copper futures fell in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal tracking a weak trend in the overseas market amid concerns that a probe into financing transaction in the Qingdao port in China, the world’s biggest metals consumer, may crimp the demand for the base metal as collateral in loans. Further, China’s copper imports fell for the first time since February, down 17 per cent to 282,969 tons in May. At the MCX, copper futures for June 2014 contract is trading at Rs. 416.90 per 1 kg, down by 0.30 per cent, after opening at Rs. 417, against the previous closing price of Rs. 418.45. It touched an intra-day low of Rs. 416.25. (At 11:08 AM).
