Weak US data drags down Copper
17/12/2014 11:51
Copper futures fell in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after US housing starts fell last month while manufacturing growth slowed in December, signaling a cooling recovery in the world’s biggest economy, dimming the demand outlook for industrial metals.
Housing starts fell 1.6 per cent to a 1.03 million annualized rate in November 2014.
The gauge measuring US manufacturing fell to 53.7 this month from 54.8 in November, with a reading above 50 signaling expansion.
At the MCX, copper futures for February 2015 contract is trading at Rs. 407.75 per 1 kg, down by 0.24 per cent, after opening at Rs. 408.15, against the previous closing price of Rs. 408.75. It touched an intra-day low of Rs. 407.15. (At 11:39 AM).
17/12/2014 11:51
Copper futures fell in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after US housing starts fell last month while manufacturing growth slowed in December, signaling a cooling recovery in the world’s biggest economy, dimming the demand outlook for industrial metals.
Housing starts fell 1.6 per cent to a 1.03 million annualized rate in November 2014.
The gauge measuring US manufacturing fell to 53.7 this month from 54.8 in November, with a reading above 50 signaling expansion.
At the MCX, copper futures for February 2015 contract is trading at Rs. 407.75 per 1 kg, down by 0.24 per cent, after opening at Rs. 408.15, against the previous closing price of Rs. 408.75. It touched an intra-day low of Rs. 407.15. (At 11:39 AM).
