Copper closes lower on downbeat China demand outlook
11/12/2014 09:30
Copper futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after China’s producer prices extended a decline while consumer inflation eased, signaling weak demand in the world’s second biggest economy, darkening the demand outlook for the base metal. Producer prices fell 2.7 per cent, year on year in November 2014 while consumer inflation slowed to 1.4 per cent from 1.6 per cent in October. Sentiment weakened further 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 225 metric tonnes to 166075 metric tonnes as on December 10, 2014. Copper prices may decline as traders keep an eye on upcoming global data. At the MCX, Copper futures for February 2015 contract closed at Rs. 403.30 per 1 kg, down by 0.76 per cent after opening at Rs. 405 against the previous closing price of Rs. 406.40. It touched the intra-day low of Rs. 402.30 till the closing
11/12/2014 09:30
Copper futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after China’s producer prices extended a decline while consumer inflation eased, signaling weak demand in the world’s second biggest economy, darkening the demand outlook for the base metal. Producer prices fell 2.7 per cent, year on year in November 2014 while consumer inflation slowed to 1.4 per cent from 1.6 per cent in October. Sentiment weakened further 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 225 metric tonnes to 166075 metric tonnes as on December 10, 2014. Copper prices may decline as traders keep an eye on upcoming global data. At the MCX, Copper futures for February 2015 contract closed at Rs. 403.30 per 1 kg, down by 0.76 per cent after opening at Rs. 405 against the previous closing price of Rs. 406.40. It touched the intra-day low of Rs. 402.30 till the closing
