MCX BASE METAL TIPS | Copper futures were trading lower during noon trade in the domestic market on Monday as investors and speculators resorted to a cautious stance ahead of the outcome of the US Federal Reserve’s two-day monetary policy meet on Wednesday, in which a hike in interest rates, the first since 2006, is almost a certainty, boosting the dollar, and dimming the demand for dollar-denominated commodities such as copper.
China’s industrial output, retail sales and fixed-asset investment numbers for November, came in better-than-expected, easing concerns over a slowdown in the world’s second biggest economy, brightening the demand outlook for copper, trimming losses in the metal. China’s industrial output climbed 6.2 per cent, year on year in November 2015, topping estimates for a 5.7 per cent annual gain, while retail sales rose 11.2 per cent, the biggest advance this year, and fixed-asset investment for the first eleven months of 2015 increased 10.2 per cent.
At the MCX, Copper futures for February 2016 contract were trading at Rs.318.05 per kg, down by 0.22 per cent, after opening at Rs. 319.30, against the previous closing price of Rs. 318.75. It touched an intraday low of 317.35. (At 12:19 PM).
China’s industrial output, retail sales and fixed-asset investment numbers for November, came in better-than-expected, easing concerns over a slowdown in the world’s second biggest economy, brightening the demand outlook for copper, trimming losses in the metal. China’s industrial output climbed 6.2 per cent, year on year in November 2015, topping estimates for a 5.7 per cent annual gain, while retail sales rose 11.2 per cent, the biggest advance this year, and fixed-asset investment for the first eleven months of 2015 increased 10.2 per cent.
At the MCX, Copper futures for February 2016 contract were trading at Rs.318.05 per kg, down by 0.22 per cent, after opening at Rs. 319.30, against the previous closing price of Rs. 318.75. It touched an intraday low of 317.35. (At 12:19 PM).
No comments:
Post a Comment