Copper closes lower on downbeat demand outlook
03/12/2014 09:55
Copper futures ended lower in the domestic market on Tuesday as ongoing concerns over the health of China's economy weighed. A pair of reports on Chinese November factory activity released Monday provided more evidence of a slowdown in the world's second largest economy. China's manufacturing purchasing managers' index slipped to an eight-month low of 50.3 in November while China HSBC final manufacturing PMI hit a six-month low of 50.0 last month, unchanged from a preliminary estimate and down from 50.4 the previous month. 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 1225 metric tonnes to 166025 metric tonnes as on December 2, 2014. Copper prices may decline as traders keep an eye on upcoming global data. At the MCX, Copper futures for November 2014 contract closed at Rs. 400.75 per 1 kg, down by 0.69 per cent after opening at Rs. 400.85 against the previous closing price of Rs. 403.55. It touched the intra-day low of Rs. 396.10 till the closing.
03/12/2014 09:55
Copper futures ended lower in the domestic market on Tuesday as ongoing concerns over the health of China's economy weighed. A pair of reports on Chinese November factory activity released Monday provided more evidence of a slowdown in the world's second largest economy. China's manufacturing purchasing managers' index slipped to an eight-month low of 50.3 in November while China HSBC final manufacturing PMI hit a six-month low of 50.0 last month, unchanged from a preliminary estimate and down from 50.4 the previous month. 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 1225 metric tonnes to 166025 metric tonnes as on December 2, 2014. Copper prices may decline as traders keep an eye on upcoming global data. At the MCX, Copper futures for November 2014 contract closed at Rs. 400.75 per 1 kg, down by 0.69 per cent after opening at Rs. 400.85 against the previous closing price of Rs. 403.55. It touched the intra-day low of Rs. 396.10 till the closing.
