Copper slumps ahead of US GDP data, Fed outcome
29/04/2015 16:53
Copper prices fell on Wednesday, as investors looked ahead to preliminary data on first quarter US economic growth and a report on pending home sales later in the day for further indications on the strength of the recovery, ahead of the Federal Reserve's policy announcement. At the MCX, copper futures for April 2015 contract were trading at Rs. 386.60 per 1 kg, down by 0.09 per cent, after opening at Rs. 385 against the previous closing price of Rs. 386.95. It touched the intra-day low of Rs. 383.40 till the trading. (At 4.25 PM today).
A recent run of disappointing US economic data dampened optimism over the recovery, fuelling speculation the Fed could delay hiking interest rates until late 2015, instead of tightening midyear.
Losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 125 metric tonnes to 338125 metric tonnes as on April 29, 2015.
29/04/2015 16:53
Copper prices fell on Wednesday, as investors looked ahead to preliminary data on first quarter US economic growth and a report on pending home sales later in the day for further indications on the strength of the recovery, ahead of the Federal Reserve's policy announcement. At the MCX, copper futures for April 2015 contract were trading at Rs. 386.60 per 1 kg, down by 0.09 per cent, after opening at Rs. 385 against the previous closing price of Rs. 386.95. It touched the intra-day low of Rs. 383.40 till the trading. (At 4.25 PM today).
A recent run of disappointing US economic data dampened optimism over the recovery, fuelling speculation the Fed could delay hiking interest rates until late 2015, instead of tightening midyear.
Losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 125 metric tonnes to 338125 metric tonnes as on April 29, 2015.
