Weak US demand outlook weighs on Copper
23/12/2014 09:36
Copper futures ended lower in the domestic market on Monday as investors and speculators exited positions in the industrial metal after a drop in US previously owned home sales last month signaled a slowdown in the housing market of the world’s biggest economy, dimming the demand outlook for copper, which us widely used in the construction sector.
US existing home sales fell 6.1 per cent to a 4.93 million annual rate in November over the previous month. Builders are the top copper consumers in the US, the world’s second biggest metals user.
An improvement in Euro area consumer sentiment in December eased concerns over the 18-member economy, trimming losses in the base metal. The gauge measuring consumer confidence in the Euro area rose to -10.9 this month from -11.5 in November.
Copper futures may rise today ahead of key US economic data which may signal strength in the US economy.
At the MCX, Copper futures for February 2015 contract closed at Rs 406.8 per 1 kg, down by 0.56 per cent after opening at Rs 409.45, against the previous closing price of Rs 409.10. It touched the intra-day low of Rs 405.85 till the closing.
23/12/2014 09:36
Copper futures ended lower in the domestic market on Monday as investors and speculators exited positions in the industrial metal after a drop in US previously owned home sales last month signaled a slowdown in the housing market of the world’s biggest economy, dimming the demand outlook for copper, which us widely used in the construction sector.
US existing home sales fell 6.1 per cent to a 4.93 million annual rate in November over the previous month. Builders are the top copper consumers in the US, the world’s second biggest metals user.
An improvement in Euro area consumer sentiment in December eased concerns over the 18-member economy, trimming losses in the base metal. The gauge measuring consumer confidence in the Euro area rose to -10.9 this month from -11.5 in November.
Copper futures may rise today ahead of key US economic data which may signal strength in the US economy.
At the MCX, Copper futures for February 2015 contract closed at Rs 406.8 per 1 kg, down by 0.56 per cent after opening at Rs 409.45, against the previous closing price of Rs 409.10. It touched the intra-day low of Rs 405.85 till the closing.
