Copper closes lower on downbeat demand prospects
09/07/2014 09:38
Copper futures ended lower in the domestic market on Tuesday after International Monetary Fund Managing Director Christine Lagarde hinted that the agency may be preparing to cut its global growth forecasts which reduced the demand prospects for the industrial metal. IMF chief Christine Lagarde warned that the pace of global growth may be “less robust that expected” in the second half of the year due to “lackluster” investment. However, losses were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 1300 metric tonnes to 158050 metric tonnes as on July 8, 2014. 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 `434.35 per 1 kg, down by 0.15 per cent after opening at `434.10 against the previous closing price of `435. It touched the intra-day low of `432.75 till the closing.
09/07/2014 09:38
Copper futures ended lower in the domestic market on Tuesday after International Monetary Fund Managing Director Christine Lagarde hinted that the agency may be preparing to cut its global growth forecasts which reduced the demand prospects for the industrial metal. IMF chief Christine Lagarde warned that the pace of global growth may be “less robust that expected” in the second half of the year due to “lackluster” investment. However, losses were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 1300 metric tonnes to 158050 metric tonnes as on July 8, 2014. 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 `434.35 per 1 kg, down by 0.15 per cent after opening at `434.10 against the previous closing price of `435. It touched the intra-day low of `432.75 till the closing.
