China factory contraction weighs on Copper
16/12/2014 11:31
Copper futures fell in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as manufacturing in China, the world’s biggest metals consumer, contracted at the fastest pace in seven months in December, signaling a bleak demand outlook for copper.
HSBC said that its China manufacturing gauge fell to 49.5 in December from a no-change mark of 50 in the previous month, signaling contraction in manufacturing over the previous month.
At the MCX, copper futures for February 2015 contract is trading at Rs. 408.25 per 1 kg, down by 0.41 per cent, after opening at Rs. 408.90, against the previous closing price of Rs. 409.95. It touched an intra-day low of Rs. 407.10. (At 11:19 AM).
16/12/2014 11:31
Copper futures fell in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as manufacturing in China, the world’s biggest metals consumer, contracted at the fastest pace in seven months in December, signaling a bleak demand outlook for copper.
HSBC said that its China manufacturing gauge fell to 49.5 in December from a no-change mark of 50 in the previous month, signaling contraction in manufacturing over the previous month.
At the MCX, copper futures for February 2015 contract is trading at Rs. 408.25 per 1 kg, down by 0.41 per cent, after opening at Rs. 408.90, against the previous closing price of Rs. 409.95. It touched an intra-day low of Rs. 407.10. (At 11:19 AM).
