Copper dips on weak global cues
04/02/2015 16:36
Copper prices fell by 0.62 per cent on Wednesday at the domestic markets after trading high earlier in the session in the midst of speculation policymakers in Beijing will implement fresh stimulus measures to support the economy. Data released earlier showed that the HSBC/Markit China services purchasing managers' index fell to an eight-month low of 51.8 in January from 53.4 in December, missing expectations for a reading of 52.8. At the MCX, copper futures for February 2015 contract were trading at Rs. 350.90 per 1 kg, down by 0.62 per cent, after opening at Rs. 353.30 against the previous closing price of Rs. 353.10. It touched the intra-day low of Rs. 350.25 till the trading. (At 4.20 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 1850 metric tonnes to 252100 metric tonnes as on February 4, 2015.
04/02/2015 16:36
Copper prices fell by 0.62 per cent on Wednesday at the domestic markets after trading high earlier in the session in the midst of speculation policymakers in Beijing will implement fresh stimulus measures to support the economy. Data released earlier showed that the HSBC/Markit China services purchasing managers' index fell to an eight-month low of 51.8 in January from 53.4 in December, missing expectations for a reading of 52.8. At the MCX, copper futures for February 2015 contract were trading at Rs. 350.90 per 1 kg, down by 0.62 per cent, after opening at Rs. 353.30 against the previous closing price of Rs. 353.10. It touched the intra-day low of Rs. 350.25 till the trading. (At 4.20 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 1850 metric tonnes to 252100 metric tonnes as on February 4, 2015.
