Weak China demand weighs on Copper 20/02/2015

Weak China demand weighs on Copper
20/02/2015 08:08
Copper futures closed lower in the domestic market on Thursday as investors and speculators stayed cautious over booking fresh positions in the industrial metal as demand from China, the world’s biggest metals consumer, remained weak as markets and businesses remained closed due to the Lunar New Year holiday.
However, an uptick in Euro area consumer confidence signaled a recovery in the 19-member economy, lifting the demand outlook for industrial metals, supporting copper. The gauge measuring Euro area consumer confidence rose by 1.8 points to -6.7 in February.
Copper futures may rise today as a fall in US jobless claims signaled an improving demand outlook in the US.
At the MCX, Copper futures for February 2015 contract closed at Rs 359.45 per 1 kg, down by 0.01 per cent after opening at Rs 358, against the previous closing price of Rs 359.5. It touched the intra-day high of Rs 355.2 till the closing.

Weak China demand outlook weighs on Copper 18/02/2015

Weak China demand outlook weighs on Copper
18/02/2015 09:40
Copper futures plunged in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal after new home prices in China fell while a business sentiment gauge deteriorated, signaling a deepening slowdown in the world’s second biggest economy, clouding the demand outlook for the base metal. The gauge measuring business sentiment in China fell to 52.8 this month from 53.7 in January. New home prices in China, the world’s biggest copper consumer, fell in 64 out of the 70 cities tracked by a government survey, in January, signaling a worsening property market slump. Copper may extend losses today amid concerns over weaker demand with markets in China being shut due to the Lunar New Year holiday. At the MCX, Copper futures for February 2015 contract closed at Rs 354.30 per 1 kg, down by 1.61 per cent after opening at Rs 359.25, against the previous closing price of Rs 360.10. It touched the intra-day low of Rs 350.85 till the closing.

Weak global demand outlook drags down Copper futures 12/01/2015

Weak global demand outlook drags down Copper futures
12/01/2015 16:16
Copper prices fell by 0.22 per cent on Monday at the domestic markets on speculation that demand growth my falter in the midst of signs of uneven economic growth in the US, Germany and China. At the MCX, copper futures for February 2015 contract were trading at Rs.381.30 per 1 kg, down by 0.22 per cent, after opening at Rs. 381.05 against the previous closing price of Rs. 382.15. It touched the intra-day low of Rs. 379.95 till the trading. (At 4.00 PM today).
However, losses were curbed 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 75 metric tonnes to 187400 metric tonnes as on Jan 12, 2015

China stimulus lifts Copper 29/12/2014

China stimulus lifts Copper
29/12/2014 11:15
Copper futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal after reports suggested that China’s central bank eased rules for calculation of deposits and reserve requirements, allowing lenders to make more loans to boost credit growth and help spur a revival in the world’s second biggest economy, lifting the demand outlook for copper.
Further, Japan approved a USD 29 billion stimulus package to help revive the recession-hit economy, bolstering the demand outlook for base metals.
At the MCX, Copper futures for February 2015 contract is trading at Rs 403.30 per 1 kg, up by 0.71 per cent after opening at Rs 401.45, against the previous closing price of Rs 400.45. It touched the intra-day high of Rs 403.65 till the closing. (At 11:05 AM).

US interest rate outlook, stronger dollar drags down Copper 29/12/2014

US interest rate outlook, stronger dollar drags down Copper
29/12/2014 09:47
Copper futures tumbled in the domestic market on Friday as investors and speculators exited positions in the industrial metal tracking a weak trend in the overseas market on speculation that the US Federal Reserve is nearing raising interest rates for the first time since 2006 in the US, the world’s second biggest copper consumer, clouding the demand outlook for the base metal.
Stronger dollar curbed the demand for the base metal as an alternative asset. Stronger greenback makes copper more expensive for those holding other currencies, thus dimming demand.
Copper futures may continue the downward journey today after China’s industrial profits fell the most in more than two years last month, signaling a gloomy demand outlook.
At the MCX, Copper futures for February 2015 contract closed at Rs 400.45 per 1 kg, down by 0.93 per cent after opening at Rs 404.6, against the previous closing price of Rs 404.2. It touched the intra-day low of Rs 399.25 till the closing.

Upbeat US data lifts Copper 26/12/2014

Upbeat US data lifts Copper
26/12/2014 10:25
Copper futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal as American applications for claiming unemployment benefits fell to a seven-week low last week, signaling an improving labour market recovery in the world’s biggest economy, lifting the demand outlook for base metals.
US jobless claims fell by 9,000 to the lowest level since early November at 280,000 in the week ended December 20, 2014.
At the MCX, Copper futures for February 2015 contract is trading at Rs 405.60 per 1 kg, up by 0.36 per cent after opening at Rs 404.6, against the previous closing price of Rs 404.2. It touched the intra-day high of Rs 406.2 till the closing. (At 10:14 AM

Copper futures little changed on China concerns 24/12/2014

Copper futures little changed on China concerns
24/12/2014 10:44
Copper futures were trading flat in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the industrial metal amid concerns that a slowing Chinese economy, the largest user of the metal, may curb demand for copper, early in 2015.
However, a pickup in the US economy supported the demand outlook for copper. The world’s biggest economy grew at the fastest pace since 2003, expanding at an annual rate of 5 per cent in the July-September 2014 quarter.
At the MCX, Copper futures for February 2015 contract is trading at Rs 406.25 per 1 kg, down by 0.01 per cent after opening at Rs 405.95, against the previous closing price of Rs 406.30. It touched the intra-day low of Rs 405.65 till the closing. (At 10:33 AM).

Tepid US housing, factory data weighs on Copper 24/12/2014

Tepid US housing, factory data weighs on Copper
24/12/2014 09:38
Copper futures fell in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the industrial metal after disappointing US manufacturing and housing data clouded the demand outlook for copper in the world’s second biggest metals user.
Orders for US durable goods fell by 0.7 per cent in November, the third decline in four months, following a 0.3 per cent rise in October.
Sales of new homes in the US fell by 1.6 per cent to the lowest level in four months at a 438,000 annual rate in November. Weakness in the housing market isn’t a good sign for copper, given that home building accounts for a major chunk of copper demand in the US, the world’s biggest economy.
Copper futures may stay lackluster today on concerns over weaker China demand.
At the MCX, Copper futures for February 2015 contract closed at Rs 406.3 per 1 kg, down by 0.12 per cent after opening at Rs 406.1, against the previous closing price of Rs 406.8. It touched the intra-day low of Rs 404.2 till the closing.

Weak US demand outlook weighs on Copper 23/12/2014

Weak US demand outlook weighs on Copper
23/12/2014 09:36
Copper futures ended lower in the domestic market on Monday as investors and speculators exited positions in the industrial metal after a drop in US previously owned home sales last month signaled a slowdown in the housing market of the world’s biggest economy, dimming the demand outlook for copper, which us widely used in the construction sector.
US existing home sales fell 6.1 per cent to a 4.93 million annual rate in November over the previous month. Builders are the top copper consumers in the US, the world’s second biggest metals user.
An improvement in Euro area consumer sentiment in December eased concerns over the 18-member economy, trimming losses in the base metal. The gauge measuring consumer confidence in the Euro area rose to -10.9 this month from -11.5 in November.
Copper futures may rise today ahead of key US economic data which may signal strength in the US economy.
At the MCX, Copper futures for February 2015 contract closed at Rs 406.8 per 1 kg, down by 0.56 per cent after opening at Rs 409.45, against the previous closing price of Rs 409.10. It touched the intra-day low of Rs 405.85 till the closing.

Weak US data drags down Copper 17/12/2014

Weak US data drags down Copper
17/12/2014 11:51
Copper futures fell in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after US housing starts fell last month while manufacturing growth slowed in December, signaling a cooling recovery in the world’s biggest economy, dimming the demand outlook for industrial metals.
Housing starts fell 1.6 per cent to a 1.03 million annualized rate in November 2014.
The gauge measuring US manufacturing fell to 53.7 this month from 54.8 in November, with a reading above 50 signaling expansion.
At the MCX, copper futures for February 2015 contract is trading at Rs. 407.75 per 1 kg, down by 0.24 per cent, after opening at Rs. 408.15, against the previous closing price of Rs. 408.75. It touched an intra-day low of Rs. 407.15. (At 11:39 AM).

Disappointing China data weighs on Copper 12/12/2014

Disappointing China data weighs on Copper
12/12/2014 11:45
Copper futures fell in the domestic market on Friday as investors and speculators exited positions in the industrial metal after China’s industrial output grew at a weaker pace in November, signaling a deepening economic slowdown in the world’s biggest metals consumer, clouding the demand outlook for copper.
Factory output grew 7.2 per cent, year on year in November 2014, the lowest pace of growth in three months, and missing the 7.5 per cent gain estimated by analysts.
At the MCX, copper futures for February 2015 contract is trading at Rs. 408.15 per 1 kg, down by 0.12 per cent, after opening at Rs. 409.15, against the previous closing price of Rs. 408.65. It touched an intra-day low of Rs. 407.95. (At 11:33 AM).

Weak China data weighs on Copper 10/12/2014

Weak China data weighs on Copper
10/12/2014 11:56
Copper futures fell in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after China’s producer prices extended a decline while consumer inflation eased, signaling weak demand in the world’s second biggest economy, darkening the demand outlook for the base metal.
Producer prices fell 2.7 per cent, year on year in November 2014 while consumer inflation slowed to 1.4 per cent from 1.6 per cent in October.
At the MCX, copper futures for February 2015 contract is trading at Rs. 405.15 per 1 kg, down by 0.31 per cent, after opening at Rs. 405, against the previous closing price of Rs. 406.4. It touched an intra-day low of Rs. 403.9. (At 11:44 AM).

Downbeat Euro area outlook drags down Copper 05/12/2014

Downbeat Euro area outlook drags down Copper
05/12/2014 11:20
Copper futures fell in the domestic market on Friday as investors and speculators exited positions in the industrial metal after the ECB cut its growth and inflation forecasts for the 18-member Euro area economy, dimming the demand outlook for copper. The ECB cut its growth forecasts for the Euro area economy to 0.8 per cent in 2014 and 1 per cent next year, from 1.1 per cent and 1.6 per cent, respectively predicted earlier. It cut its inflation forecast for the region to 0.5 per cent in 2014 from 1.1 per cent predicted a year earlier. At the MCX, Copper futures for February 2015 contract is trading at Rs. 403.10 per 1 kg, down by 0.20 per cent, after opening at Rs. 403.30, against the previous closing price of Rs. 403.90. It touched an intra-day low of Rs 402.40. (At 11:04 AM).

Upbeat US demand outlook lifts Copper 05/12/2014

Upbeat US demand outlook lifts Copper
05/12/2014 09:31
Copper futures ended higher in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal after a drop in the number of US filings for jobless claims signaled an improvement in the labour market of the world’s biggest economy, lifting the demand outlook for the base metal. US jobless claims fell by 17,000 to 297,000 in the week ended November 29, 2014. A fire at Mongolia’s biggest copper-and gold mine raised supply fears. A fire at the ore concentrator at Mongolia’s Oyu Tolgoi copper mine is being investigated, Turquoise Hill Resources Ltd., which co-owns the mine, said. Copper futures may rise today on optimism ahead of US jobs data to be released today which may show that the world’s biggest economy added more than 200K jobs for the tenth straight month in November. At the MCX, Copper futures for February 2015 contract closed at Rs. 403.90 per 1 kg, up by 1.32 per cent, after opening at Rs. 399.50, against the previous closing price of Rs. 398.65. It touched an intra-day high of Rs 405.90.

Easing supply concerns weigh on Copper 28/11/2014

Easing supply concerns weigh on Copper
28/11/2014 11:23
Copper futures were trading lower in the domestic market on Friday as investors and speculators exited positions in the industrial metal tracking a weak trend in the overseas market as a strike at the Antamina copper mine in Peru ended after three-weeks, dimming concerns over tighter global copper supplies. BHP Billiton and Glencore’s copper and zinc mine in Peru will resume operations next week following the end of a three-week strike. Antamina is the world’s sixth biggest copper mine. At the MCX, copper futures for November 2014 contract is trading at Rs. 400.85 per 1 kg, down by 0.69 per cent, after opening at Rs. 402.50, against the previous closing price of Rs. 403.65. It touched an intra-day low of Rs. 400.25. (At 11:12 AM).

China industrial slowdown weighs on Copper 27/11/2014

China industrial slowdown weighs on Copper
27/11/2014 12:12
Copper futures fell in the domestic market on Thursday as investors and speculators exited positions in the industrial metal after China’s industrial profits fell at the sharpest pace in two years, signaling a worsening slowdown in the world’s biggest metals consumer, darkening the demand outlook for copper.
China’s industrial profits fell 2.1 per cent in October 2014 from the same month a year ago, the biggest decrease since August 2012, compared to a 0.4 per cent annual rise in September 2014.
At the MCX, copper futures for November 2014 contract is trading at Rs. 404.70 per 1 kg, up by 0.20 per cent, after opening at Rs. 406.30, against the previous closing price of Rs. 405.50. It touched an intra-day high of Rs. 407.25. (At 12:03 PM).

Upbeat US GDP data lifts Copper 26/11/2014

Upbeat US GDP data lifts Copper
26/11/2014 11:41
Copper futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the base metal amid a pickup in physical demand for copper in the domestic spot market. Sentiment was also boosted after the US economy grew at a faster than initially estimated pace in the third quarter, lifting the demand outlook for industrial metals. US Q3 GDP growth was upwardly revised from 3.5 per cent to 3.9 per cent. At the MCX, copper futures for November 2014 contract is trading at Rs. 405 per 1 kg, up by 0.26 per cent, after opening at Rs. 404.60, against the previous closing price of Rs. 403.95. It touched an intra-day high of Rs. 405.85. (At 11:30 AM).

Upbeat German demand outlook boosts Copper 25/11/2014

Upbeat German demand outlook boosts Copper
25/11/2014 11:55
Copper futures rose in the domestic market on Tuesday as investors and speculators booked fresh positions in the base metal amid a pickup in physical demand for copper in the domestic spot market.
Business confidence in Germany rose for the first time in seven months in November, signaling a revival in Europe’s biggest economy, bolstering the demand outlook for industrial metals. The gauge measuring German business confidence rose to 104.7 this month from 103.2 in October.
At the MCX, copper futures for November 2014 contract is trading at Rs. 411.60 per 1 kg, up by 0.34 per cent, after opening at Rs. 411, against the previous closing price of Rs. 410.20. It touched an intra-day high of Rs. 411.95. (At 11:36 AM).

Upbeat German data lifts Copper futures 25/11/2014

Upbeat German data lifts Copper futures
25/11/2014 11:46
Copper futures rose in the domestic market on Tuesday as investors and speculators booked fresh positions in the base metal as investors and speculators stayed cautious over booking fresh positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Business confidence in Germany rose for the first time in seven months in November, signaling a revival in Europe’s biggest economy, supporting the demand outlook for industrial metals. The gauge measuring German business confidence rose to 104.7 this month from 103.2 in October. At the MCX, copper futures for November 2014 contract is trading at Rs. 411.60 per 1 kg, up by 0.34 per cent, after opening at Rs. 411, against the previous closing price of Rs. 410.20. It touched an intra-day high of Rs. 411.95. (At 11:36 AM).

China rate cut lifts Copper 24/11/2014

China rate cut lifts Copper
24/11/2014 11:37
Copper futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for copper in the domestic spot market. Further, the first interest rate cut by China, the world’s biggest metals consumer, in more than two years boosted hopes of an economic revival, lifting the demand outlook for copper. The People’s Bank of China slashed the one-year lending rate by 0.4 percentage point to 5.6 per cent, while the one-year deposit rate was reduced by 0.25 percentage point to 2.75 per cent. At the MCX, copper futures for November 2014 contract is trading at Rs. 414 per 1 kg, up by 0.28 per cent, after opening at Rs. 413.40, against the previous closing price of Rs. 412.85. It touched an intra-day high of Rs. 414.60. (At 11:26 AM).