Copper prices ended lower in the domestic market on Thursday after manufacturing activity in the Philadelphia-region expanded at the slowest pace in four months in July, dampening optimism over the US economic outlook which reduced the demand outlook for the metal. The Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to a studying of 5.7 this month from June's studying of 15.2. Analysts had expected the index to fall to 12.0 in July. Losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 325 metric tonnes to 337200 metric tonnes as on July 16, 2015. Copper prices may decline as investors now look ahead to upcoming US data which may determine the health of the world’s largest economy. At the MCX, Copper futures for August 2015 contract closed at Rs 356.30 per 1 kg, down by 0.01 per cent after starting at Rs 356.25 against the previous closing price of Rs 356.35. It touched the intra-day low of Rs 355.25 till the closing.
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