Copper drops as Japan enters recession
17/11/2014 16:19
Copper prices fell by 0.46 per cent on Monday at the domestic markets after data showed that Japan unexpectedly slipped into recession, fuelling concerns over the global economic outlook. Concerns over the global economic outlook were amplified after data showed that Japan’s economy contracted by an annualized 1.6 per cent in the third quarter, following a 7.3 per cent decline in the previous quarter. Economists had forecast a 2.3 per cent increase. At the MCX, copper futures for November 2014 contract were trading at Rs.413.70 per 1 kg, down by 0.46 per cent, after opening at Rs. 415.90 against the previous closing price of Rs. 415.60. It touched the intra-day low of Rs. 413 till the trading. (At 3.40 PM today). However, losses were curbed 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 275 metric tonnes to 159125 metric tonnes as on November 17, 2014.
17/11/2014 16:19
Copper prices fell by 0.46 per cent on Monday at the domestic markets after data showed that Japan unexpectedly slipped into recession, fuelling concerns over the global economic outlook. Concerns over the global economic outlook were amplified after data showed that Japan’s economy contracted by an annualized 1.6 per cent in the third quarter, following a 7.3 per cent decline in the previous quarter. Economists had forecast a 2.3 per cent increase. At the MCX, copper futures for November 2014 contract were trading at Rs.413.70 per 1 kg, down by 0.46 per cent, after opening at Rs. 415.90 against the previous closing price of Rs. 415.60. It touched the intra-day low of Rs. 413 till the trading. (At 3.40 PM today). However, losses were curbed 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 275 metric tonnes to 159125 metric tonnes as on November 17, 2014.
