Copper slips as Chile mines resume output
27/03/2015 12:26
Copper futures tumbled in the domestic market on Friday as investors and speculators exited positions in the industrial metal after mines in Chile, the world’s biggest producer of the metal, resumed production after flooding in the South American nation. Codelco, the country’s top copper miner stated that its Atacama Desert sites were gradually restarting operations after a shutdown.
Moreover, a sharp drop in industrial profits in China, the world’s biggest metals consumer, signaled a worsening slowdown in the country’s economy, darkening the demand outlook for industrial metals.
At the MCX, Copper futures for April 2015 contract is trading at Rs 387.50 per 1 kg, down by 1.26 per cent after opening at Rs 391.20, against the previous closing price of Rs 392.45. It touched the intra-day low of Rs 387.05. (At 12:07 PM).
27/03/2015 12:26
Copper futures tumbled in the domestic market on Friday as investors and speculators exited positions in the industrial metal after mines in Chile, the world’s biggest producer of the metal, resumed production after flooding in the South American nation. Codelco, the country’s top copper miner stated that its Atacama Desert sites were gradually restarting operations after a shutdown.
Moreover, a sharp drop in industrial profits in China, the world’s biggest metals consumer, signaled a worsening slowdown in the country’s economy, darkening the demand outlook for industrial metals.
At the MCX, Copper futures for April 2015 contract is trading at Rs 387.50 per 1 kg, down by 1.26 per cent after opening at Rs 391.20, against the previous closing price of Rs 392.45. It touched the intra-day low of Rs 387.05. (At 12:07 PM).
