Copper dips on weak euro zone data
17/12/2014 16:25
Copper prices fell by 0.66 per cent on Wednesday at the domestic markets after manufacturing activity in France contracted unexpectedly in December according to data released, fuelling concerns over the outlook for the euro zone’s second largest economy which reduced the demand outlook for the metal. Research group Markit said its preliminary French manufacturing purchasing managers’ index fell to 47.9 this month from a final reading of 48.4 in November. Analysts had expected the index to tick up to 48.6. At the MCX, copper futures for February 2015 contract were trading at Rs.406.05 per 1 kg, down by 0.66 per cent, after opening at Rs. 408.15 against the previous closing price of Rs. 408.75. It touched the intra-day low of Rs. 405.50 till the trading. (At 4.25 PM today).
However, losses were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 475 metric tonnes to 172200 metric tonnes as on December 17, 2014.
17/12/2014 16:25
Copper prices fell by 0.66 per cent on Wednesday at the domestic markets after manufacturing activity in France contracted unexpectedly in December according to data released, fuelling concerns over the outlook for the euro zone’s second largest economy which reduced the demand outlook for the metal. Research group Markit said its preliminary French manufacturing purchasing managers’ index fell to 47.9 this month from a final reading of 48.4 in November. Analysts had expected the index to tick up to 48.6. At the MCX, copper futures for February 2015 contract were trading at Rs.406.05 per 1 kg, down by 0.66 per cent, after opening at Rs. 408.15 against the previous closing price of Rs. 408.75. It touched the intra-day low of Rs. 405.50 till the trading. (At 4.25 PM today).
However, losses were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 475 metric tonnes to 172200 metric tonnes as on December 17, 2014.
