Copper extends losses on China outlook
18/02/2015 12:03
Copper futures fell in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid concerns that demand from China, the world’s biggest metals consumer, may weaken with markets and most businesses being closed for the Lunar New Year Holiday. Markets in China are shut for five straight sessions from Wednesday. New home prices in China, the world’s biggest copper consumer, fell in 64 out of the 70 cities tracked by a government survey, in January, signaling a worsening property market slump, which may curb copper demand. At the MCX, Copper futures for February 2015 contract is trading at Rs 354 per 1 kg, down by 0.08 per cent after opening at Rs 353.45, against the previous closing price of Rs 354.30. It touched the intra-day low of Rs 353 till the closing. (At 11:53 AM).
18/02/2015 12:03
Copper futures fell in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid concerns that demand from China, the world’s biggest metals consumer, may weaken with markets and most businesses being closed for the Lunar New Year Holiday. Markets in China are shut for five straight sessions from Wednesday. New home prices in China, the world’s biggest copper consumer, fell in 64 out of the 70 cities tracked by a government survey, in January, signaling a worsening property market slump, which may curb copper demand. At the MCX, Copper futures for February 2015 contract is trading at Rs 354 per 1 kg, down by 0.08 per cent after opening at Rs 353.45, against the previous closing price of Rs 354.30. It touched the intra-day low of Rs 353 till the closing. (At 11:53 AM).
