Tepid US housing, factory data weighs on Copper
24/12/2014 09:38
Copper futures fell in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the industrial metal after disappointing US manufacturing and housing data clouded the demand outlook for copper in the world’s second biggest metals user.
Orders for US durable goods fell by 0.7 per cent in November, the third decline in four months, following a 0.3 per cent rise in October.
Sales of new homes in the US fell by 1.6 per cent to the lowest level in four months at a 438,000 annual rate in November. Weakness in the housing market isn’t a good sign for copper, given that home building accounts for a major chunk of copper demand in the US, the world’s biggest economy.
Copper futures may stay lackluster today on concerns over weaker China demand.
At the MCX, Copper futures for February 2015 contract closed at Rs 406.3 per 1 kg, down by 0.12 per cent after opening at Rs 406.1, against the previous closing price of Rs 406.8. It touched the intra-day low of Rs 404.2 till the closing.
24/12/2014 09:38
Copper futures fell in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the industrial metal after disappointing US manufacturing and housing data clouded the demand outlook for copper in the world’s second biggest metals user.
Orders for US durable goods fell by 0.7 per cent in November, the third decline in four months, following a 0.3 per cent rise in October.
Sales of new homes in the US fell by 1.6 per cent to the lowest level in four months at a 438,000 annual rate in November. Weakness in the housing market isn’t a good sign for copper, given that home building accounts for a major chunk of copper demand in the US, the world’s biggest economy.
Copper futures may stay lackluster today on concerns over weaker China demand.
At the MCX, Copper futures for February 2015 contract closed at Rs 406.3 per 1 kg, down by 0.12 per cent after opening at Rs 406.1, against the previous closing price of Rs 406.8. It touched the intra-day low of Rs 404.2 till the closing.
