BASE METAL TIPS | Copper futures were trading lower along noon trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal as united state manufacturing succumbed to a surprise contraction in the month of Nov, signaling renewed weakness in the world’s largest economy, darkening the demand outlook for copper.
The ISM US manufacturing gauge fell to the smallest level since June 2009 at 48.6 in November from 50.1 in October, with a reading below Fifty signaling contraction.
However, the losses in the base metal were trimmed by hopes that China, the world’s biggest metals consumer, may boost together to help stave off a worsening economic slowdown, auguring well for copper.
At the Multi Commodity Exchange, Copper futures for February 2016 agreement were trading at Rs.309.75 per 1 kg, down by 0.19%, after opening at Rs. 310.05, against the last closing price of Rs. 310.35. It touched an intra-day low of Rs 309.45 (At 12:17 PM).
The ISM US manufacturing gauge fell to the smallest level since June 2009 at 48.6 in November from 50.1 in October, with a reading below Fifty signaling contraction.
However, the losses in the base metal were trimmed by hopes that China, the world’s biggest metals consumer, may boost together to help stave off a worsening economic slowdown, auguring well for copper.
At the Multi Commodity Exchange, Copper futures for February 2016 agreement were trading at Rs.309.75 per 1 kg, down by 0.19%, after opening at Rs. 310.05, against the last closing price of Rs. 310.35. It touched an intra-day low of Rs 309.45 (At 12:17 PM).
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