Soft US housing data hits Copper
24/02/2015 11:58
Copper futures fell in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as US sales of existing homes fell to the lowest level in nine months in January 2015, signaling a weakening housing recovery in the world’s biggest economy, dimming the demand outlook for copper, a widely used metal in home construction. US existing home sales fell by 4.9 per cent to an annualized rate of 4.82 million in January 2015. At the MCX, Copper futures for February 2015 contract closed at Rs 354.35 per 1 kg, down by 0.44 per cent after opening at Rs 354.45, against the previous closing price of Rs 355.90. It touched the intra-day low of Rs 354.15 till the closing. (At 11:43 AM).
24/02/2015 11:58
Copper futures fell in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as US sales of existing homes fell to the lowest level in nine months in January 2015, signaling a weakening housing recovery in the world’s biggest economy, dimming the demand outlook for copper, a widely used metal in home construction. US existing home sales fell by 4.9 per cent to an annualized rate of 4.82 million in January 2015. At the MCX, Copper futures for February 2015 contract closed at Rs 354.35 per 1 kg, down by 0.44 per cent after opening at Rs 354.45, against the previous closing price of Rs 355.90. It touched the intra-day low of Rs 354.15 till the closing. (At 11:43 AM).
