Copper drops on weak US demand prospects
05/02/2015 12:11
Copper prices fell by 0.51 per cent on Thursday at the domestic markets after service sector activity in the US grew at a faster rate than expected in January, easing concerns over the economic outlook which raised the demand outlook for the metal. The Institute of Supply Management said its non-manufacturing purchasing managers index increased to 56.7 last month from a reading of 56.2 in December. Analysts had expected the index to inch up to 56.3 in January. At the MCX, copper futures for February 2015 contract were trading at Rs.353.15 per 1 kg, down by 0.51 per cent, after opening at Rs. 353.90 against the previous closing price of Rs. 354.95. It touched the intra-day low of Rs. 352.45 till the trading. (At 11.56 AM today).
05/02/2015 12:11
Copper prices fell by 0.51 per cent on Thursday at the domestic markets after service sector activity in the US grew at a faster rate than expected in January, easing concerns over the economic outlook which raised the demand outlook for the metal. The Institute of Supply Management said its non-manufacturing purchasing managers index increased to 56.7 last month from a reading of 56.2 in December. Analysts had expected the index to inch up to 56.3 in January. At the MCX, copper futures for February 2015 contract were trading at Rs.353.15 per 1 kg, down by 0.51 per cent, after opening at Rs. 353.90 against the previous closing price of Rs. 354.95. It touched the intra-day low of Rs. 352.45 till the trading. (At 11.56 AM today).
