Weak German industrial data drags down Copper
futures
09/01/2015 12:44
Copper prices fell by 0.39 per cent on Friday at the domestic markets after Destatis said that German Industrial Production fell to a seasonally adjusted annual rate of -0.1 per cent, from 0.6 per cent in the preceding month whose figure was revised up from 0.2 per cent signaling weak sentiment in the region which reduced the demand outlook for the metal.
At the MCX, copper futures for February 2015 contract were trading at Rs.384 per 1 kg, up by 0.39 per cent, after opening at Rs. 385.05 against the previous closing price of Rs. 385.50. It touched the intra-day low of Rs. 383.40till the trading. (At 11.57 AM today).
Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 550 metric tonnes to 179225 metric tonnes as on January 5, 2015.
09/01/2015 12:44
Copper prices fell by 0.39 per cent on Friday at the domestic markets after Destatis said that German Industrial Production fell to a seasonally adjusted annual rate of -0.1 per cent, from 0.6 per cent in the preceding month whose figure was revised up from 0.2 per cent signaling weak sentiment in the region which reduced the demand outlook for the metal.
At the MCX, copper futures for February 2015 contract were trading at Rs.384 per 1 kg, up by 0.39 per cent, after opening at Rs. 385.05 against the previous closing price of Rs. 385.50. It touched the intra-day low of Rs. 383.40till the trading. (At 11.57 AM today).
Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 550 metric tonnes to 179225 metric tonnes as on January 5, 2015.
