Copper dips on sluggish Japan data
06/02/2015 16:24
Copper prices fell by 0.44 per cent on Friday at the domestic markets after Japan’s index of leading economic indicators rose less-than-expected last month signaling weak sentiment in the region which reduced the demand outlook for the metal.
In a report, Cabinet Office said that Japan’s index of leading economic indicators rose to a seasonally adjusted 105.2, from 103.9 in the preceding month whose figure was revised up from 103.8. At the MCX, copper futures for February 2015 contract were trading at Rs. 353.95 per 1 kg, down by 0.44 per cent, after opening at Rs. 355.60 against the previous closing price of Rs. 355.50. It touched the intra-day low of Rs. 353.50 till the trading. (At 4.20 PM today).
However, losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 150 metric tonnes to 284450 metric tonnes as on February 6, 2015.
06/02/2015 16:24
Copper prices fell by 0.44 per cent on Friday at the domestic markets after Japan’s index of leading economic indicators rose less-than-expected last month signaling weak sentiment in the region which reduced the demand outlook for the metal.
In a report, Cabinet Office said that Japan’s index of leading economic indicators rose to a seasonally adjusted 105.2, from 103.9 in the preceding month whose figure was revised up from 103.8. At the MCX, copper futures for February 2015 contract were trading at Rs. 353.95 per 1 kg, down by 0.44 per cent, after opening at Rs. 355.60 against the previous closing price of Rs. 355.50. It touched the intra-day low of Rs. 353.50 till the trading. (At 4.20 PM today).
However, losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 150 metric tonnes to 284450 metric tonnes as on February 6, 2015.
