Copper closes lower on weak China demand
19/03/2015 09:33
Copper futures ended lower in the domestic market on Wednesday as mounting concerns over the health of China's property sector dampened appetite for the red metal. A cooler property sector not only weighs on demand for copper as construction material, but also dampens consumption from the home appliances sector. The National Bureau of Statistics said in a report earlier in the day that home prices in China declined in 66 of the 70 cities tracked by the government in February from a month earlier. New home prices slumped 5.7 per cent on year last month, following a decline of 5.1 per cent in January. However, losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the string demand for the commodity. LME copper stocks fell by 1550 metric tonnes to 340650 metric tonnes as on March 18, 2015. Copper prices may decline as traders keep an eye on upcoming global data. At the MCX, Copper futures for April 2015 contract closed at Rs. 358.30 per 1 kg, down by 2.89 per cent after opening at Rs. 367.15 against the previous closing price of Rs. 368.95. It touched the intra-day low of Rs. 357.30 till the closing.
19/03/2015 09:33
Copper futures ended lower in the domestic market on Wednesday as mounting concerns over the health of China's property sector dampened appetite for the red metal. A cooler property sector not only weighs on demand for copper as construction material, but also dampens consumption from the home appliances sector. The National Bureau of Statistics said in a report earlier in the day that home prices in China declined in 66 of the 70 cities tracked by the government in February from a month earlier. New home prices slumped 5.7 per cent on year last month, following a decline of 5.1 per cent in January. However, losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the string demand for the commodity. LME copper stocks fell by 1550 metric tonnes to 340650 metric tonnes as on March 18, 2015. Copper prices may decline as traders keep an eye on upcoming global data. At the MCX, Copper futures for April 2015 contract closed at Rs. 358.30 per 1 kg, down by 2.89 per cent after opening at Rs. 367.15 against the previous closing price of Rs. 368.95. It touched the intra-day low of Rs. 357.30 till the closing.
