Copper closes lower on sluggish US data
16/02/2015 09:37
Copper prices ended lower in the domestic market on Friday after US consumer sentiment fell more than expected in February, dropping from an 11-year high on concerns about wage growth which reduced the demand outlook for the metal. The University of Michigan's preliminary February reading on the overall index on consumer sentiment came in at 93.6, below the final January read of 98.1. 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 2550 metric tonnes to 295300 metric tonnes as on February 13, 2015. Copper prices may decline as investors now look ahead to upcoming US data which may determine the health of the world’s largest economy. At the MCX, Copper futures for February 2015 contract closed at Rs 357.30 per 1 kg, down by 0.14 per cent after opening at Rs 359 against the previous closing price of Rs 357.80. It touched the intra-day low of Rs 355.65 till the closing.
16/02/2015 09:37
Copper prices ended lower in the domestic market on Friday after US consumer sentiment fell more than expected in February, dropping from an 11-year high on concerns about wage growth which reduced the demand outlook for the metal. The University of Michigan's preliminary February reading on the overall index on consumer sentiment came in at 93.6, below the final January read of 98.1. 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 2550 metric tonnes to 295300 metric tonnes as on February 13, 2015. Copper prices may decline as investors now look ahead to upcoming US data which may determine the health of the world’s largest economy. At the MCX, Copper futures for February 2015 contract closed at Rs 357.30 per 1 kg, down by 0.14 per cent after opening at Rs 359 against the previous closing price of Rs 357.80. It touched the intra-day low of Rs 355.65 till the closing.
