Copper slumps on sluggish global demand
28/04/2015 12:21
Copper prices dropped by 0.76 per cent at the domestic markets after Japanese retail sales fell more-than-expected last month signaling sluggish sentiment in the region which dampened the demand prospects for the metal. In a report, the Ministry of Economy Trade and Industry said that retail sales fell to a seasonally adjusted annual rate of -9.7 per cent, from -1.7 per cent in the preceding month whose figure was revised up from -1.8 per cent. At the MCX, copper futures for April 2015 contract were trading at Rs.384.70 per 1 kg, down by 0.76 per cent, after opening at Rs. 386.20 against the previous closing price of Rs. 387.65. It touched the intra-day low of Rs. 384.15 till the trading. (At 12.12 PM today).
Prices also slumped after the Federal Reserve Bank of Dallas manufacturing business index fell more-than-expected last month indicating weak manufacturing activity which further reduced the prices. In a report, Dallas Fed said that Dallas Fed Mfg Business Index fell to a seasonally adjusted annual rate of -16.0, from -17.4 in the preceding month.
28/04/2015 12:21
Copper prices dropped by 0.76 per cent at the domestic markets after Japanese retail sales fell more-than-expected last month signaling sluggish sentiment in the region which dampened the demand prospects for the metal. In a report, the Ministry of Economy Trade and Industry said that retail sales fell to a seasonally adjusted annual rate of -9.7 per cent, from -1.7 per cent in the preceding month whose figure was revised up from -1.8 per cent. At the MCX, copper futures for April 2015 contract were trading at Rs.384.70 per 1 kg, down by 0.76 per cent, after opening at Rs. 386.20 against the previous closing price of Rs. 387.65. It touched the intra-day low of Rs. 384.15 till the trading. (At 12.12 PM today).
Prices also slumped after the Federal Reserve Bank of Dallas manufacturing business index fell more-than-expected last month indicating weak manufacturing activity which further reduced the prices. In a report, Dallas Fed said that Dallas Fed Mfg Business Index fell to a seasonally adjusted annual rate of -16.0, from -17.4 in the preceding month.
