Increase in stockpiles and weak German data drags copper futures
08/01/2015 15:51
Copper future declined at the domestic commodity market on Thursday on back of increase in the stockpiles at the London Metal Exchange (LME) on which signifies weak demand of the base metal. LME copper stocks increased by 550 metric tonnes to 179225 metric tonnes as on January 8, 2015. The sentiment weakened further on back of depressing factory orders in Germany. Industrial orders in Germany declined 2.4 percent in November, against market expectations of a 0.8 percent decrease.
At the MCX, copper futures for February 2015 contract were trading at Rs.386.75 per 1 kg, down by 0.68 per cent, after opening at Rs. 389.40 against the previous closing price of Rs. 389.40. It touched the intra-day low of Rs. 386.70 till the trading. (At 03.50 PM today).
08/01/2015 15:51
Copper future declined at the domestic commodity market on Thursday on back of increase in the stockpiles at the London Metal Exchange (LME) on which signifies weak demand of the base metal. LME copper stocks increased by 550 metric tonnes to 179225 metric tonnes as on January 8, 2015. The sentiment weakened further on back of depressing factory orders in Germany. Industrial orders in Germany declined 2.4 percent in November, against market expectations of a 0.8 percent decrease.
At the MCX, copper futures for February 2015 contract were trading at Rs.386.75 per 1 kg, down by 0.68 per cent, after opening at Rs. 389.40 against the previous closing price of Rs. 389.40. It touched the intra-day low of Rs. 386.70 till the trading. (At 03.50 PM today).
