MCX Base Metal Tips: Copper futures fell in the domestic market on Mon as investors and speculators exited positions in the industrial metal amidst worries that demand from top consumer China may weaken in the coming days ahead of the Lunar New Year holidays when factories and businesses remain shut for a week due to festivities.
China accounts for more than 40 per cent of the metals consumption.
However, the losses in the base metal were curbed by the prospects of a stimulus boost in the 19-member Euro area economy after the European Central Bank (ECB) on Thursday indicated that it may consider expanding its easing program in March, supporting the metal’s demand outlook.
At the MCX, Copper futures for February 2016 contract is trading at Rs 300.1 per kg, down by 0.38 per cent after opening at Rs 300.4, against the previous closing price of Rs 301.25. It touched the intra-day low of Rs 299.6. (At 11:45 AM).
China accounts for more than 40 per cent of the metals consumption.
However, the losses in the base metal were curbed by the prospects of a stimulus boost in the 19-member Euro area economy after the European Central Bank (ECB) on Thursday indicated that it may consider expanding its easing program in March, supporting the metal’s demand outlook.
At the MCX, Copper futures for February 2016 contract is trading at Rs 300.1 per kg, down by 0.38 per cent after opening at Rs 300.4, against the previous closing price of Rs 301.25. It touched the intra-day low of Rs 299.6. (At 11:45 AM).
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