Copper drops on China demand concerns
14/01/2015 12:16
Copper prices fell by 5.52 per cent on Wednesday at the domestic markets with investors pointing to demand concerns in China. Strong trade data from China on Tuesday, the world’s largest copper consumer, failed to boost sentiment. The Asian nation reported a trade surplus of $49.6 billion in December, broadly in line with expectations. Exports jumped 9.7 per cent in December, but imports rose by a smaller-than-forecast 2.4 per cent, pointing to weak domestic demand. At the MCX, copper futures for February 2015 contract were trading at Rs.344.80 per 1 kg, down by 5.52 per cent, after opening at Rs. 364.05 against the previous closing price of Rs. 364.95. It touched the intra-day low of Rs. 343.10 till the trading. (At 11.55 AM today)
14/01/2015 12:16
Copper prices fell by 5.52 per cent on Wednesday at the domestic markets with investors pointing to demand concerns in China. Strong trade data from China on Tuesday, the world’s largest copper consumer, failed to boost sentiment. The Asian nation reported a trade surplus of $49.6 billion in December, broadly in line with expectations. Exports jumped 9.7 per cent in December, but imports rose by a smaller-than-forecast 2.4 per cent, pointing to weak domestic demand. At the MCX, copper futures for February 2015 contract were trading at Rs.344.80 per 1 kg, down by 5.52 per cent, after opening at Rs. 364.05 against the previous closing price of Rs. 364.95. It touched the intra-day low of Rs. 343.10 till the trading. (At 11.55 AM today)
