Copper dips on gloomy global demand outlook
21/01/2015 16:34
Copper prices fell by 1.80 per cent on Wednesday at the domestic markets as concerns over the global economic outlook and the impact on future demand prospects dampened the appeal of the commodity. The International Monetary Fund cut its 2015 global growth forecast on Tuesday to 3.5 per cent from a previous estimate of 3.8 per cent, citing slowing economies in China, Russia, the euro zone and Japan. At the MCX, copper futures for February 2015 contract were trading at Rs.349.45 per 1 kg, down by 1.80 per cent, after opening at Rs. 354.05 against the previous closing price of Rs. 355.85. It touched the intra-day low of Rs. 349.35 till the trading. (At 4.07 PM today).
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 3225 metric tonnes to 213825 metric tonnes as on January 21, 2015.
21/01/2015 16:34
Copper prices fell by 1.80 per cent on Wednesday at the domestic markets as concerns over the global economic outlook and the impact on future demand prospects dampened the appeal of the commodity. The International Monetary Fund cut its 2015 global growth forecast on Tuesday to 3.5 per cent from a previous estimate of 3.8 per cent, citing slowing economies in China, Russia, the euro zone and Japan. At the MCX, copper futures for February 2015 contract were trading at Rs.349.45 per 1 kg, down by 1.80 per cent, after opening at Rs. 354.05 against the previous closing price of Rs. 355.85. It touched the intra-day low of Rs. 349.35 till the trading. (At 4.07 PM today).
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 3225 metric tonnes to 213825 metric tonnes as on January 21, 2015.
