BASE METAL TIPS | Copper futures were trading lower in the Asian market on Thursday during noon trade as investors and speculators exited positions in the industrial metal as a slowdown in China’s services activity in November signaled concerns over the world’s second biggest economy, darkening the demand outlook for copper.
China’s services gauge declined to 51.2 in No from 52 in Oct, with a reading above 50 signaling expansion.
China is the world’s biggest metals consumer, accounting for about half of universal copper consumption.
Weak physical demand for copper from the domestic spot market also weighed on the base metal.
At the MCX, Copper futures for February 2016 contract were trading at Rs.304.65 per kg, down by 0.54 per cent, after opening at Rs. 306.3, against the previous closing price of Rs. 306.3. It touched an intraday low of 304.35. (At 12:31 PM).
China’s services gauge declined to 51.2 in No from 52 in Oct, with a reading above 50 signaling expansion.
China is the world’s biggest metals consumer, accounting for about half of universal copper consumption.
Weak physical demand for copper from the domestic spot market also weighed on the base metal.
At the MCX, Copper futures for February 2016 contract were trading at Rs.304.65 per kg, down by 0.54 per cent, after opening at Rs. 306.3, against the previous closing price of Rs. 306.3. It touched an intraday low of 304.35. (At 12:31 PM).
No comments:
Post a Comment