Copper closes lower ahead of China Q1 GDP
15/04/2015 10:02
Copper futures ended lower in the domestic market on Tuesday ahead of key Chinese data on GDP, industrial production and retail sales, particularly key for copper from the world's top importer. China's first quarter GDP, industrial output, retail sales and fixed assets investment data are all due with expectations the economy grew 7 per cent year-on-year in the first quarter, and industrial output rose 6.9 per cent, fixed investment up 13.8 per cent and retail sales by 10.9 per cent. Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 3700 metric tonnes to 337500 metric tonnes as on April 14, 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. 372.50 per 1 kg, down by 0.83 per cent after opening at Rs. 375 against the previous closing price of Rs. 375.60. It touched the intra-day low of Rs. 369.15 till the closing.
15/04/2015 10:02
Copper futures ended lower in the domestic market on Tuesday ahead of key Chinese data on GDP, industrial production and retail sales, particularly key for copper from the world's top importer. China's first quarter GDP, industrial output, retail sales and fixed assets investment data are all due with expectations the economy grew 7 per cent year-on-year in the first quarter, and industrial output rose 6.9 per cent, fixed investment up 13.8 per cent and retail sales by 10.9 per cent. Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 3700 metric tonnes to 337500 metric tonnes as on April 14, 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. 372.50 per 1 kg, down by 0.83 per cent after opening at Rs. 375 against the previous closing price of Rs. 375.60. It touched the intra-day low of Rs. 369.15 till the closing.
