Copper futures rally on upbeat China data
04/07/2014 09:34
Copper futures closed higher in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal after a report said that services activity in China, the world’s biggest metals consumer grew at a faster pace last month, signaling a rebound in the country’s economic growth, lifting the demand outlook for copper. The gauge measuring services in China rose to 53.1 in June from 50.7 in the previous month, with a reading above 50 signaling expansion, HSBC said. Sentiment was also boosted after the European Central Bank (ECB) maintained its key benchmark rate at a record low of 0.15 per cent to support the 18-member Euro area economy, lifting the demand outlook for industrial metals. Copper futures may rise today as upbeat US jobs data lifted the demand outlook for industrial metals. At the MCX, copper futures for August 2014 contract closed at Rs. 434.60 per 1 kg, up by 0.43 per cent, after opening at Rs. 432.10, against the previous closing price of Rs. 432.75. It touched an intra-day high of Rs. 435.30.
04/07/2014 09:34
Copper futures closed higher in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal after a report said that services activity in China, the world’s biggest metals consumer grew at a faster pace last month, signaling a rebound in the country’s economic growth, lifting the demand outlook for copper. The gauge measuring services in China rose to 53.1 in June from 50.7 in the previous month, with a reading above 50 signaling expansion, HSBC said. Sentiment was also boosted after the European Central Bank (ECB) maintained its key benchmark rate at a record low of 0.15 per cent to support the 18-member Euro area economy, lifting the demand outlook for industrial metals. Copper futures may rise today as upbeat US jobs data lifted the demand outlook for industrial metals. At the MCX, copper futures for August 2014 contract closed at Rs. 434.60 per 1 kg, up by 0.43 per cent, after opening at Rs. 432.10, against the previous closing price of Rs. 432.75. It touched an intra-day high of Rs. 435.30.
