Copper falls on weak euro area data, rising stockpiles
02/07/2014 16:17
Copper prices fell by 0.53 per cent on Wednesday at the domestic markets after the euro zone’s manufacturing PMI fell unexpectedly last month, data showed indicating weak sentiment in the region reducing the demand outlook for the metal. Research group Market said the euro zone’s manufacturing PMI fell to 51.8, from 51.9 in the preceding month. At the MCX, copper futures for August 2014 contract were trading at Rs.425.45 per 1 kg, down by 0.53 per cent, after opening at Rs. 427.25 against the previous closing price of Rs. 427.70. It touched the intra-day low of Rs. 425.30 till the trading. (At 4.15 PM today). Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 2075 metric tonnes to 156775 metric tonnes as on July 2, 2014.
02/07/2014 16:17
Copper prices fell by 0.53 per cent on Wednesday at the domestic markets after the euro zone’s manufacturing PMI fell unexpectedly last month, data showed indicating weak sentiment in the region reducing the demand outlook for the metal. Research group Market said the euro zone’s manufacturing PMI fell to 51.8, from 51.9 in the preceding month. At the MCX, copper futures for August 2014 contract were trading at Rs.425.45 per 1 kg, down by 0.53 per cent, after opening at Rs. 427.25 against the previous closing price of Rs. 427.70. It touched the intra-day low of Rs. 425.30 till the trading. (At 4.15 PM today). Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 2075 metric tonnes to 156775 metric tonnes as on July 2, 2014.
