Copper slides on sluggish global demand
outlook
02/12/2014 11:36
Copper prices fell by 0.83 per cent on Tuesday at the domestic markets after weak Chinese and Euro area manufacturing data showed that factories had grinded to a halt which in turn reduced the demand prospects for the industrial metal. China’s manufacturing gauge slumped to the no-change 50 mark last month from 50.4 in October, while that in the Euro area fell to 50.1 from 50.6. At the MCX, copper futures for February 2015 contract were trading at Rs.400.20 per 1 kg, down by 0.83 per cent, after opening at Rs. 400.85 against the previous closing price of Rs. 403.55. It touched the intra-day low of Rs. 400.10 till the trading. (At 11.33 AM today).
However, losses were limited the Institute for Supply Management said its index of purchasing managers fell to 58.7 last month from a reading of 59.0 in October easing concerns over the health of the economy which raised the demand outlook for the metal.
02/12/2014 11:36
Copper prices fell by 0.83 per cent on Tuesday at the domestic markets after weak Chinese and Euro area manufacturing data showed that factories had grinded to a halt which in turn reduced the demand prospects for the industrial metal. China’s manufacturing gauge slumped to the no-change 50 mark last month from 50.4 in October, while that in the Euro area fell to 50.1 from 50.6. At the MCX, copper futures for February 2015 contract were trading at Rs.400.20 per 1 kg, down by 0.83 per cent, after opening at Rs. 400.85 against the previous closing price of Rs. 403.55. It touched the intra-day low of Rs. 400.10 till the trading. (At 11.33 AM today).
However, losses were limited the Institute for Supply Management said its index of purchasing managers fell to 58.7 last month from a reading of 59.0 in October easing concerns over the health of the economy which raised the demand outlook for the metal.
