Copper dips after China CPI data
10/12/2014 16:39
Copper prices fell by 0.64 per cent on Wednesday at the domestic markets after data showed that inflation in China slowed to the lowest level in five years, underling concerns over a slowdown in the world's second largest economy which reduced the demand outlook for the metal. Chinese inflation for November slowed to 1.4 per cent, the lowest since November 2009, from 1.6 per cent in October. At the MCX, copper futures for February 2015 contract were trading at Rs.403.80 per 1 kg, down by 0.64 per cent, after opening at Rs. 405 against the previous closing price of Rs. 406.40. It touched the intra-day low of Rs. 403.25 till the trading. (At 4.25 PM today).
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.
10/12/2014 16:39
Copper prices fell by 0.64 per cent on Wednesday at the domestic markets after data showed that inflation in China slowed to the lowest level in five years, underling concerns over a slowdown in the world's second largest economy which reduced the demand outlook for the metal. Chinese inflation for November slowed to 1.4 per cent, the lowest since November 2009, from 1.6 per cent in October. At the MCX, copper futures for February 2015 contract were trading at Rs.403.80 per 1 kg, down by 0.64 per cent, after opening at Rs. 405 against the previous closing price of Rs. 406.40. It touched the intra-day low of Rs. 403.25 till the trading. (At 4.25 PM today).
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.
