Copper futures up on US housing data
20/08/2014 11:17
Copper futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal as a rebound in US housing starts in July signaled a pickup in the housing market of the world’s biggest economy, lifting the demand outlook for the base metal which is used in construction activities. Starts climbed 15.7 per cent to a 1.09 million annualized rate in July 2014, the highest level since November.
Further, Japan’s exports snapped a two-month contraction streak, up 3.9 per cent year on year in July 2014, while investors are eying the Chinese manufacturing data due tomorrow which may show a third straight expansion in August.
At the MCX, copper futures for August 2014 contract is trading at Rs. 416.35 per 1 kg, up by 0.35 per cent, after opening at Rs. 415.90, against the previous closing price of Rs. 414.90. It touched an intra-day high of Rs. 416.50. (At 11:06 AM).
20/08/2014 11:17
Copper futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal as a rebound in US housing starts in July signaled a pickup in the housing market of the world’s biggest economy, lifting the demand outlook for the base metal which is used in construction activities. Starts climbed 15.7 per cent to a 1.09 million annualized rate in July 2014, the highest level since November.
Further, Japan’s exports snapped a two-month contraction streak, up 3.9 per cent year on year in July 2014, while investors are eying the Chinese manufacturing data due tomorrow which may show a third straight expansion in August.
At the MCX, copper futures for August 2014 contract is trading at Rs. 416.35 per 1 kg, up by 0.35 per cent, after opening at Rs. 415.90, against the previous closing price of Rs. 414.90. It touched an intra-day high of Rs. 416.50. (At 11:06 AM).
