Copper shrugs off weak China data
08/08/2016 13:35
Copper futures rose during noon trade in the domestic market on Monday as investors and speculators cast aside a drop in China’s exports & imports in June and focused on solid US jobs data which signaled a pickup in the world’s biggest economy, bolstering the demand outlook for the metal.
US employers added 255,000 jobs in July, compared to an estimated 180,000 by analysts.
Meanwhile, China’s exports and imports, in dollar terms, fell by 4.4 per cent and 12.5 per cent, respectively, y-o-y in July 2016. Further, China’s copper imports dipped 14 per cent to 360,000 tonnes in July from the previous month.
At the MCX, copper futures for August 2016 contract is trading at Rs 321.75 per kg, up by 0.63 per cent, after opening at Rs 321.8, against a previous close of Rs 319.75. It touched the intra-day high of Rs 322. (At 13:32 PM).
08/08/2016 13:35
US employers added 255,000 jobs in July, compared to an estimated 180,000 by analysts.
Meanwhile, China’s exports and imports, in dollar terms, fell by 4.4 per cent and 12.5 per cent, respectively, y-o-y in July 2016. Further, China’s copper imports dipped 14 per cent to 360,000 tonnes in July from the previous month.
At the MCX, copper futures for August 2016 contract is trading at Rs 321.75 per kg, up by 0.63 per cent, after opening at Rs 321.8, against a previous close of Rs 319.75. It touched the intra-day high of Rs 322. (At 13:32 PM).
