Copper falls by 0.48% on weak China demand prospects
21/08/2014 16:26
Copper prices fell by 0.48 per cent on Thursday at the domestic markets after growth in China's vast factory sector slowed to a three-month low in August as output and new orders moderated, a preliminary private survey showed on Thursday, heightening concerns about increasing softness in the economy which reduced the demand outlook for the metal. The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index (PMI) fell to 50.3 from July's 18-month high of 51.7, missing a Reuters forecast of 51.5. At the MCX, copper futures for August 2014 contract were trading at Rs.422.90 per 1 kg, down by 0.48 per cent, after opening at Rs. 423.80 against the previous closing price of Rs. 425.05. It touched the intra-day low of Rs. 422.45 till the trading. (At 4.15 PM today). 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 150 metric tonnes to 145050 metric tonnes as on August 21, 2014.
21/08/2014 16:26
Copper prices fell by 0.48 per cent on Thursday at the domestic markets after growth in China's vast factory sector slowed to a three-month low in August as output and new orders moderated, a preliminary private survey showed on Thursday, heightening concerns about increasing softness in the economy which reduced the demand outlook for the metal. The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index (PMI) fell to 50.3 from July's 18-month high of 51.7, missing a Reuters forecast of 51.5. At the MCX, copper futures for August 2014 contract were trading at Rs.422.90 per 1 kg, down by 0.48 per cent, after opening at Rs. 423.80 against the previous closing price of Rs. 425.05. It touched the intra-day low of Rs. 422.45 till the trading. (At 4.15 PM today). 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 150 metric tonnes to 145050 metric tonnes as on August 21, 2014.
