Copper declines on weak demand prospects
07/01/2015 16:32
Copper prices fell by 0.57 per cent on Wednesday at the domestic markets after the recent US data which showed that growth in the U.S. services sector braked in December and new orders for manufactured goods fell for a fourth straight month in November, signs the economy lost some momentum in the fourth quarter which reduced the demand outlook for the metal.
At the MCX, copper futures for February 2015 contract were trading at Rs.389.40 per 1 kg, down by 0.57 per cent, after opening at Rs. 391.70 against the previous closing price of Rs. 391.65. It touched the intra-day low of Rs. 388.75 till the trading. (At 4.20 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 100 metric tonnes to 178675 metric tonnes as on January 7, 2015
07/01/2015 16:32
Copper prices fell by 0.57 per cent on Wednesday at the domestic markets after the recent US data which showed that growth in the U.S. services sector braked in December and new orders for manufactured goods fell for a fourth straight month in November, signs the economy lost some momentum in the fourth quarter which reduced the demand outlook for the metal.
At the MCX, copper futures for February 2015 contract were trading at Rs.389.40 per 1 kg, down by 0.57 per cent, after opening at Rs. 391.70 against the previous closing price of Rs. 391.65. It touched the intra-day low of Rs. 388.75 till the trading. (At 4.20 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 100 metric tonnes to 178675 metric tonnes as on January 7, 2015
