Copper closes lower on downbeat demand outlook
08/07/2014 09:38
Copper futures ended lower in the domestic market on Monday as investors and speculators exited positions in the industrial metal after the IMF signaled a cut in global growth forecast, dimming the demand outlook for copper. Sentiment weakened further due to the rise in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose 2850 metric tonnes to 159350 metric tonnes as on July 7, 2014. However, the losses in the base metal were trimmed amid hopes that a string of Chinese economic data due this week including new local-currency loans and trade data may signal a pickup in the world’s second biggest economy, lifting the demand outlook for industrial metals. Copper prices may rise as investors now look ahead to upcoming US data which may determine the health of the world’s largest economy. At the MCX, Copper futures for August 2014 contract closed at `435 per 1 kg, down by 0.02 per cent after opening at `433.60 against the previous closing price of `435.10. It touched the intra-day low of `431.35 till the closing.
