Copper higher on upbeat US housing data
16/08/2016 12:59
Copper futures climbed during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in spot demand while strong US housing data bolstered the outlook for copper, a widely used item in construction activity.
A gauge measuring US homebuilder sentiment rose to 60 in August from 58 in July, signaling a strengthening US housing recovery.
However, the gains in copper were curbed by lackluster US consumer data with retail sales stalling in July.
At the MCX, copper futures for August 2016 contract is trading at Rs 318.5 per kg, up by 0.44 per cent, after opening at Rs 318, against a previous close of Rs 317.1. It touched the intra-day high of Rs 318.55. (At 12:52 PM).
16/08/2016 12:59
A gauge measuring US homebuilder sentiment rose to 60 in August from 58 in July, signaling a strengthening US housing recovery.
However, the gains in copper were curbed by lackluster US consumer data with retail sales stalling in July.
At the MCX, copper futures for August 2016 contract is trading at Rs 318.5 per kg, up by 0.44 per cent, after opening at Rs 318, against a previous close of Rs 317.1. It touched the intra-day high of Rs 318.55. (At 12:52 PM).
