Copper drops on weak demand
31/12/2014 16:31
Copper prices fell by 0.67 per cent on Wednesday after activity in China's factory sector shrank for the first time in seven months in December, a private survey showed on Wednesday which reduced the demand outlook for the metal. The final HSBC/Markit Purchasing Managers' Index (PMI) for December came in at 49.6, just below the 50.0 level that separates growth from contraction. At the MCX, copper futures for February 2015 contract were trading at Rs.400.60 per 1 kg, down by 0.67 per cent, after opening at Rs. 403.75 against the previous closing price of Rs. 403.30. It touched the intra-day low of Rs. 400.50 till the trading. (At 4.26 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 4775 metric tonnes to 177025 metric tonnes as on December 31, 2014.
31/12/2014 16:31
Copper prices fell by 0.67 per cent on Wednesday after activity in China's factory sector shrank for the first time in seven months in December, a private survey showed on Wednesday which reduced the demand outlook for the metal. The final HSBC/Markit Purchasing Managers' Index (PMI) for December came in at 49.6, just below the 50.0 level that separates growth from contraction. At the MCX, copper futures for February 2015 contract were trading at Rs.400.60 per 1 kg, down by 0.67 per cent, after opening at Rs. 403.75 against the previous closing price of Rs. 403.30. It touched the intra-day low of Rs. 400.50 till the trading. (At 4.26 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 4775 metric tonnes to 177025 metric tonnes as on December 31, 2014.
