Copper futures dip on global growth concerns
07/07/2014 11:15
Copper futures fell 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. 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. At the MCX, copper futures for August 2014 contract is trading at Rs. 433.20 per 1 kg, down by 0.44 per cent, after opening at Rs. 433.60, against the previous closing price of Rs. 435.10. It touched an intra-day low of Rs. 432.60. (At 11:01 AM).
07/07/2014 11:15
Copper futures fell 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. 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. At the MCX, copper futures for August 2014 contract is trading at Rs. 433.20 per 1 kg, down by 0.44 per cent, after opening at Rs. 433.60, against the previous closing price of Rs. 435.10. It touched an intra-day low of Rs. 432.60. (At 11:01 AM).
