Weak Japan data drags down Copper futures
13/08/2014 16:32
Copper prices fell by 0.71 per cent on Wednesday at the domestic markets after industrial production in Japan fell more-than-expected last month, data showed on Tuesday signaling weak sentiment in the region which reduced the demand outlook for the industrial metal. The Ministry of Economy, Trade and Industry said that industrial production fell to a seasonally adjusted -3.4 per cent, from -3.3 per cent in the preceding month. At the MCX, copper futures for August 2014 contract were trading at Rs. 424.85 per 1 kg, down by 0.71 per cent, after opening at Rs. 427 against the previous closing price of Rs. 427.90. It touched the intra-day low of Rs. 424.40 till the trading. (At 4.40 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 675 metric tonnes to 141350 metric tonnes as on August 13, 2014.
13/08/2014 16:32
Copper prices fell by 0.71 per cent on Wednesday at the domestic markets after industrial production in Japan fell more-than-expected last month, data showed on Tuesday signaling weak sentiment in the region which reduced the demand outlook for the industrial metal. The Ministry of Economy, Trade and Industry said that industrial production fell to a seasonally adjusted -3.4 per cent, from -3.3 per cent in the preceding month. At the MCX, copper futures for August 2014 contract were trading at Rs. 424.85 per 1 kg, down by 0.71 per cent, after opening at Rs. 427 against the previous closing price of Rs. 427.90. It touched the intra-day low of Rs. 424.40 till the trading. (At 4.40 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 675 metric tonnes to 141350 metric tonnes as on August 13, 2014.
