Copper drops on weak US housing starts
18/03/2015 12:30
Copper prices fell by 1.12 per cent on Wednesday at the domestic markets after the number of housing starts issues in the US fell sharply in February signaling weak housing market in US which reduced the demand outlook for the metal.
US Commerce Department said that US housing starts declined by 17.0 per cent last month to hit a seasonally adjusted 897,000 units from January’s total of 1.081 million units, worse than expectations for a decline of 2.4 per cent to 1.049 million.
At the MCX, copper futures for April 2015 contract were trading at Rs.364.80 per 1 kg, down by 1.12 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. 364.60 till the trading. (At 11.45 AM today).
18/03/2015 12:30
Copper prices fell by 1.12 per cent on Wednesday at the domestic markets after the number of housing starts issues in the US fell sharply in February signaling weak housing market in US which reduced the demand outlook for the metal.
US Commerce Department said that US housing starts declined by 17.0 per cent last month to hit a seasonally adjusted 897,000 units from January’s total of 1.081 million units, worse than expectations for a decline of 2.4 per cent to 1.049 million.
At the MCX, copper futures for April 2015 contract were trading at Rs.364.80 per 1 kg, down by 1.12 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. 364.60 till the trading. (At 11.45 AM today).
