Copper extends losses on China fears
26/12/2014 09:52
Copper futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal tracking a third straight decline in prices in the overseas market amid subdued demand from China, the world’s biggest metals consumer, and accounting for nearly 40 per cent of global copper consumption.
Demand for the base metal in China has been sagging amid an economic slowdown and year-end credit tightness. Weakness in the US housing industry has also clouded the demand outlook for copper which is widely used as a building material.
US new home sales fell by 1.6 per cent at a 438,000 annual rate in November from October, while sales of previously owned homes dropped 6.1 per cent to an annual rate of 4.93 million in November.
Copper futures may fall today amid caution ahead of China industrial profits data.
At the MCX, Copper futures for February 2015 contract closed at Rs 404.2 per 1 kg, down by 0.52 per cent after opening at Rs 405.95, against the previous closing price of Rs 406.3. It touched the intra-day low of Rs 403.7 till the closing.
26/12/2014 09:52
Copper futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal tracking a third straight decline in prices in the overseas market amid subdued demand from China, the world’s biggest metals consumer, and accounting for nearly 40 per cent of global copper consumption.
Demand for the base metal in China has been sagging amid an economic slowdown and year-end credit tightness. Weakness in the US housing industry has also clouded the demand outlook for copper which is widely used as a building material.
US new home sales fell by 1.6 per cent at a 438,000 annual rate in November from October, while sales of previously owned homes dropped 6.1 per cent to an annual rate of 4.93 million in November.
Copper futures may fall today amid caution ahead of China industrial profits data.
At the MCX, Copper futures for February 2015 contract closed at Rs 404.2 per 1 kg, down by 0.52 per cent after opening at Rs 405.95, against the previous closing price of Rs 406.3. It touched the intra-day low of Rs 403.7 till the closing.
