Weak China demand outlook weighs on Copper
18/02/2015 09:40
Copper futures plunged in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal after new home prices in China fell while a business sentiment gauge deteriorated, signaling a deepening slowdown in the world’s second biggest economy, clouding the demand outlook for the base metal. The gauge measuring business sentiment in China fell to 52.8 this month from 53.7 in January. 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. Copper may extend losses today amid concerns over weaker demand with markets in China being shut due to the Lunar New Year holiday. At the MCX, Copper futures for February 2015 contract closed at Rs 354.30 per 1 kg, down by 1.61 per cent after opening at Rs 359.25, against the previous closing price of Rs 360.10. It touched the intra-day low of Rs 350.85 till the closing.
18/02/2015 09:40
Copper futures plunged in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal after new home prices in China fell while a business sentiment gauge deteriorated, signaling a deepening slowdown in the world’s second biggest economy, clouding the demand outlook for the base metal. The gauge measuring business sentiment in China fell to 52.8 this month from 53.7 in January. 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. Copper may extend losses today amid concerns over weaker demand with markets in China being shut due to the Lunar New Year holiday. At the MCX, Copper futures for February 2015 contract closed at Rs 354.30 per 1 kg, down by 1.61 per cent after opening at Rs 359.25, against the previous closing price of Rs 360.10. It touched the intra-day low of Rs 350.85 till the closing.
