Bleak China prospects drag down Copper
09/09/2014 11:28
Copper futures slipped in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as a slump in inbound shipments in China, the world’s biggest metals consumer clouded the demand outlook for the base metal. China’s imports fell by 2.4 per cent in August 2014 from the same month a year ago. A stronger dollar also curbed the demand for the base metal by making copper more expensive for those holding other currencies. At the MCX, Copper futures for November 2014 contract closed at Rs. 425.85 per 1 kg, down by 0.86 per cent, after opening at Rs. 429.35, against the previous closing price of Rs. 429.55. It touched an intra-day low of Rs 425.50. (At 11:17 AM).
09/09/2014 11:28
Copper futures slipped in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as a slump in inbound shipments in China, the world’s biggest metals consumer clouded the demand outlook for the base metal. China’s imports fell by 2.4 per cent in August 2014 from the same month a year ago. A stronger dollar also curbed the demand for the base metal by making copper more expensive for those holding other currencies. At the MCX, Copper futures for November 2014 contract closed at Rs. 425.85 per 1 kg, down by 0.86 per cent, after opening at Rs. 429.35, against the previous closing price of Rs. 429.55. It touched an intra-day low of Rs 425.50. (At 11:17 AM).
