Downbeat US factory data weighs on Copper
29/10/2014 11:54
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 as a dip in US durable goods orders last month signaled weakness in US manufacturing activity, clouding the demand outlook for the base metal.
Demand for US durable goods fell 1.3 per cent in September 2014 over the previous month.
However, a surge in US consumer sentiment to the highest level in seven years supported the industrial metal’s demand prospects
The Conference Board said that its gauge measuring US consumer confidence rose to the highest level since October 2007 at 94.5 in October 2014 from 89 in September.
At the MCX, copper futures for November 2014 contract is trading at Rs. 420.05 per 1 kg, up by 0.07 per cent, after opening at Rs. 419.15, against the previous closing price of Rs. 419.75. It touched an intra-day high of Rs. 420.40. (At 11:43 AM).
29/10/2014 11:54
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 as a dip in US durable goods orders last month signaled weakness in US manufacturing activity, clouding the demand outlook for the base metal.
Demand for US durable goods fell 1.3 per cent in September 2014 over the previous month.
However, a surge in US consumer sentiment to the highest level in seven years supported the industrial metal’s demand prospects
The Conference Board said that its gauge measuring US consumer confidence rose to the highest level since October 2007 at 94.5 in October 2014 from 89 in September.
At the MCX, copper futures for November 2014 contract is trading at Rs. 420.05 per 1 kg, up by 0.07 per cent, after opening at Rs. 419.15, against the previous closing price of Rs. 419.75. It touched an intra-day high of Rs. 420.40. (At 11:43 AM).
