Copper dips on disappointing China PMI data
02/02/2015 15:26
Copper prices fell by 0.38 per cent on Monday at the domestic markets after data showed China's manufacturing sector contracted in January, underlining concerns over a slowdown in demand. China is the world’s largest copper consuming nation and manufacturing numbers are used as indicators for future demand growth. At the MCX, copper futures for February 2015 contract were trading at Rs.341.55 per 1 kg, down by 0.38 per cent, after opening at Rs. 343.05 against the previous closing price of Rs. 342.85. It touched the intra-day low of Rs. 341 till the trading. (At 4.00 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 1900 metric tonnes to 250025 metric tonnes as on February 2, 2015.
02/02/2015 15:26
Copper prices fell by 0.38 per cent on Monday at the domestic markets after data showed China's manufacturing sector contracted in January, underlining concerns over a slowdown in demand. China is the world’s largest copper consuming nation and manufacturing numbers are used as indicators for future demand growth. At the MCX, copper futures for February 2015 contract were trading at Rs.341.55 per 1 kg, down by 0.38 per cent, after opening at Rs. 343.05 against the previous closing price of Rs. 342.85. It touched the intra-day low of Rs. 341 till the trading. (At 4.00 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 1900 metric tonnes to 250025 metric tonnes as on February 2, 2015.
