Copper slips on sluggish US housing data
04/08/2016 12:16
Copper futures fell during noon trade in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid soft US housing data which dashed the demand prospects for copper, a metal widely used in construction and building activities.
While a mortgage applications index in the US fell 3.5 per cent last week, marking a third straight decline, purchases also dropped, and construction spending in June surprisingly fell 0.6 per cent.
At the MCX, copper futures for August 2016 contract is trading at Rs 323.85 per kg, down by 0.51 per cent, after opening at Rs 325.2, against a previous close of Rs 325.5. It touched the intra-day low of Rs 323.45. (At 12:14 PM).
04/08/2016 12:16
Copper futures fell during noon trade in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid soft US housing data which dashed the demand prospects for copper, a metal widely used in construction and building activities.
While a mortgage applications index in the US fell 3.5 per cent last week, marking a third straight decline, purchases also dropped, and construction spending in June surprisingly fell 0.6 per cent.
At the MCX, copper futures for August 2016 contract is trading at Rs 323.85 per kg, down by 0.51 per cent, after opening at Rs 325.2, against a previous close of Rs 325.5. It touched the intra-day low of Rs 323.45. (At 12:14 PM).
