Copper lower on China slowdown fears
03/08/2016 11:52
Copper futures were trading in the red during late morning trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid fears that an economic slowdown in China, the world’s biggest metals consumer, may curb consumption. China’s services activity slowed in July as the PMI fell from an 11-month high of 52.7 in June to 51.7, with a reading above 50 signaling expansion. US consumer spending climbed 0.4 per cent in June from May signaling improved demand outlook for metal-made household goods, trimming losses in copper futures. At the MCX, copper futures for August 2016 contract is trading at Rs 326.25 per kg, down by 0.12 per cent, after opening at Rs 326.70, against a previous close of Rs 326.65. It touched the intra-day low of Rs 325.90. (At 11:47 AM).
03/08/2016 11:52
Copper futures were trading in the red during late morning trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid fears that an economic slowdown in China, the world’s biggest metals consumer, may curb consumption. China’s services activity slowed in July as the PMI fell from an 11-month high of 52.7 in June to 51.7, with a reading above 50 signaling expansion. US consumer spending climbed 0.4 per cent in June from May signaling improved demand outlook for metal-made household goods, trimming losses in copper futures. At the MCX, copper futures for August 2016 contract is trading at Rs 326.25 per kg, down by 0.12 per cent, after opening at Rs 326.70, against a previous close of Rs 326.65. It touched the intra-day low of Rs 325.90. (At 11:47 AM).
