Copper drops on weak Japan demand prospects
18/12/2014 16:08
Copper prices fell by 0.68 per cent on Thursday at the domestic markets after Japan's exports grew for a third straight month in November from a year earlier, but much more slowly than expected and despite a sharp fall in the yen as slowing demand in Asia and Europe dampened trade. The 4.9 percent rise in exports was much weaker than a 7.0 percent gain seen by economists. At the MCX, copper futures for February 2015 contract were trading at Rs.404.40 per 1 kg, down by 0.68 per cent, after opening at Rs. 406.25 against the previous closing price of Rs. 407.15. It touched the intra-day low of Rs. 403.10 till the trading. (At 4.00 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 1300 metric tonnes to 170900 metric tonnes as on December 18, 2014.
18/12/2014 16:08
Copper prices fell by 0.68 per cent on Thursday at the domestic markets after Japan's exports grew for a third straight month in November from a year earlier, but much more slowly than expected and despite a sharp fall in the yen as slowing demand in Asia and Europe dampened trade. The 4.9 percent rise in exports was much weaker than a 7.0 percent gain seen by economists. At the MCX, copper futures for February 2015 contract were trading at Rs.404.40 per 1 kg, down by 0.68 per cent, after opening at Rs. 406.25 against the previous closing price of Rs. 407.15. It touched the intra-day low of Rs. 403.10 till the trading. (At 4.00 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 1300 metric tonnes to 170900 metric tonnes as on December 18, 2014.
