Copper closes lower on sluggish demand outlook
30/01/2015 09:49
Copper futures ended lower in the domestic market on Thursday in the midst of indications the Federal Reserve remains on track to raise rates this year and as concerns over Greece's future in the euro zone re-emerged. The Federal Reserve said it would keep rates on hold at least until June and reiterated its pledge to be "patient" on raising interest rates, while acknowledging the solid economic recovery and strong growth in the labor market. Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 2775 metric tonnes to 247450 metric tonnes as on January 29, 2015. Copper prices may decline as traders keep an eye on upcoming global data. At the MCX, Copper futures for February 2015 contract closed at Rs. 337.25 per 1 kg, down by 0.15 per cent after opening at Rs. 337.35 against the previous closing price of Rs. 337.75. It touched the intra-day low of Rs. 340.40 till the closing
30/01/2015 09:49
Copper futures ended lower in the domestic market on Thursday in the midst of indications the Federal Reserve remains on track to raise rates this year and as concerns over Greece's future in the euro zone re-emerged. The Federal Reserve said it would keep rates on hold at least until June and reiterated its pledge to be "patient" on raising interest rates, while acknowledging the solid economic recovery and strong growth in the labor market. Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 2775 metric tonnes to 247450 metric tonnes as on January 29, 2015. Copper prices may decline as traders keep an eye on upcoming global data. At the MCX, Copper futures for February 2015 contract closed at Rs. 337.25 per 1 kg, down by 0.15 per cent after opening at Rs. 337.35 against the previous closing price of Rs. 337.75. It touched the intra-day low of Rs. 340.40 till the closing
