Weak China demand weighs on Copper
20/02/2015 08:08
Copper futures closed lower in the domestic market on Thursday as investors and speculators stayed cautious over booking fresh positions in the industrial metal as demand from China, the world’s biggest metals consumer, remained weak as markets and businesses remained closed due to the Lunar New Year holiday.
However, an uptick in Euro area consumer confidence signaled a recovery in the 19-member economy, lifting the demand outlook for industrial metals, supporting copper. The gauge measuring Euro area consumer confidence rose by 1.8 points to -6.7 in February.
Copper futures may rise today as a fall in US jobless claims signaled an improving demand outlook in the US.
At the MCX, Copper futures for February 2015 contract closed at Rs 359.45 per 1 kg, down by 0.01 per cent after opening at Rs 358, against the previous closing price of Rs 359.5. It touched the intra-day high of Rs 355.2 till the closing.
20/02/2015 08:08
Copper futures closed lower in the domestic market on Thursday as investors and speculators stayed cautious over booking fresh positions in the industrial metal as demand from China, the world’s biggest metals consumer, remained weak as markets and businesses remained closed due to the Lunar New Year holiday.
However, an uptick in Euro area consumer confidence signaled a recovery in the 19-member economy, lifting the demand outlook for industrial metals, supporting copper. The gauge measuring Euro area consumer confidence rose by 1.8 points to -6.7 in February.
Copper futures may rise today as a fall in US jobless claims signaled an improving demand outlook in the US.
At the MCX, Copper futures for February 2015 contract closed at Rs 359.45 per 1 kg, down by 0.01 per cent after opening at Rs 358, against the previous closing price of Rs 359.5. It touched the intra-day high of Rs 355.2 till the closing.
