Weak China demand outlook weighs on Copper
07/10/2014 11:25
Copper futures were trading on a subdued note in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh positions in the industrial metal after the World Bank cut China’s economic growth forecast for this year and the next, dimming the demand outlook for copper in the world’s biggest metals consumer. The World Bank cut China’s economic growth forecast for 2014 and 2015 to 7.4 per cent and 7.2 per cent, respectively, from 7.6 per cent and 7.5 per cent previously. At the MCX, copper futures for November 2014 contract is trading at Rs. 416.55 per 1 kg, up by 0.07 per cent, after opening at Rs. 416.30, against the previous closing price of Rs. 416.25. It touched an intra-day high of Rs. 416.70. (At 11:11 AM).
07/10/2014 11:25
Copper futures were trading on a subdued note in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh positions in the industrial metal after the World Bank cut China’s economic growth forecast for this year and the next, dimming the demand outlook for copper in the world’s biggest metals consumer. The World Bank cut China’s economic growth forecast for 2014 and 2015 to 7.4 per cent and 7.2 per cent, respectively, from 7.6 per cent and 7.5 per cent previously. At the MCX, copper futures for November 2014 contract is trading at Rs. 416.55 per 1 kg, up by 0.07 per cent, after opening at Rs. 416.30, against the previous closing price of Rs. 416.25. It touched an intra-day high of Rs. 416.70. (At 11:11 AM).
