FREE MCX TIPS: Copper futures fell during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal as sluggish China services data which showed a further slowdown in the world’s second biggest economy clouded the demand outlook for copper.
The China services index declined to 50.2 in December from 51.2 in November, with a reading above 50 signaling expansion.
China’s manufacturing activity contracted for the tenth month on the trot in December, data showed earlier in the week.
China is the world’s biggest copper consumer, accounting for nearly 50 per cent of global copper demand.
Traders are eying US factory, services, exports & employment data and the FOMC minutes today.
At the MCX, Copper futures for February 2016 contract is trading at Rs 310.10 per kg, down by 0.29 per cent after opening at Rs 311.5, against the previous closing price of Rs 311. It touched the intra-day low of Rs 310.05. (At 12:19 PM).
The China services index declined to 50.2 in December from 51.2 in November, with a reading above 50 signaling expansion.
China’s manufacturing activity contracted for the tenth month on the trot in December, data showed earlier in the week.
China is the world’s biggest copper consumer, accounting for nearly 50 per cent of global copper demand.
Traders are eying US factory, services, exports & employment data and the FOMC minutes today.
At the MCX, Copper futures for February 2016 contract is trading at Rs 310.10 per kg, down by 0.29 per cent after opening at Rs 311.5, against the previous closing price of Rs 311. It touched the intra-day low of Rs 310.05. (At 12:19 PM).
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