Weak Eurozone demand outlooks weighs on Copper
20/10/2014 11:07
Copper futures fell in the domestic market on Monday as investors and speculators exited positions in the industrial metal amid concerns that a faltering Euro area economy may crimp the demand for the base metal. Fears of a recession in Germany, Europe’s biggest economy have risen after industrial output and exports plunged the most in over five years in August 2014 while the 18-member Euro area economy is struggling to avert the threat of deflation. Further, caution persisted ahead of China’s Q3 GDP data due tomorrow which may show further slowdown in the world’s second biggest economy, clouding demand outlook for copper. At the MCX, Copper futures for November 2014 contract closed at Rs. 408 per 1 kg, down by 0.31 per cent, after opening at Rs. 408.05, against the previous closing price of Rs. 409.25. It touched an intra-day low of Rs 407.80. (At 10:53 AM).
20/10/2014 11:07
Copper futures fell in the domestic market on Monday as investors and speculators exited positions in the industrial metal amid concerns that a faltering Euro area economy may crimp the demand for the base metal. Fears of a recession in Germany, Europe’s biggest economy have risen after industrial output and exports plunged the most in over five years in August 2014 while the 18-member Euro area economy is struggling to avert the threat of deflation. Further, caution persisted ahead of China’s Q3 GDP data due tomorrow which may show further slowdown in the world’s second biggest economy, clouding demand outlook for copper. At the MCX, Copper futures for November 2014 contract closed at Rs. 408 per 1 kg, down by 0.31 per cent, after opening at Rs. 408.05, against the previous closing price of Rs. 409.25. It touched an intra-day low of Rs 407.80. (At 10:53 AM).
