Copper futures dip amid weak China data
Copper futures ended lower in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid fears that slowing economic growth in China, the world’s biggest metals consumer, may crimp demand for industrial metals. China’s industrial output grew at a slower than estimated pace last month, up 8.7 per cent, year on year in April 2014, signaling a cooling recovery in the world’s second biggest economy. Analysts were expecting China’s industrial output to rise by 8.9 per cent in April 2014 from the same month a year ago. China’s industrial output rose by 8.8 per cent, year on year in March 2014. Copper futures may rise today as speculation of an injection of Euro area monetary stimulus in June bolsters demand outlook. At the MCX, copper futures for June 2014 contract closed at Rs. 414.65 per 1 kg, down by 0.75 per cent, after opening at Rs. 417.50, against the previous closing price of Rs. 417.80. It touched an intra-day low of Rs. 414.30.
Copper futures ended lower in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid fears that slowing economic growth in China, the world’s biggest metals consumer, may crimp demand for industrial metals. China’s industrial output grew at a slower than estimated pace last month, up 8.7 per cent, year on year in April 2014, signaling a cooling recovery in the world’s second biggest economy. Analysts were expecting China’s industrial output to rise by 8.9 per cent in April 2014 from the same month a year ago. China’s industrial output rose by 8.8 per cent, year on year in March 2014. Copper futures may rise today as speculation of an injection of Euro area monetary stimulus in June bolsters demand outlook. At the MCX, copper futures for June 2014 contract closed at Rs. 414.65 per 1 kg, down by 0.75 per cent, after opening at Rs. 417.50, against the previous closing price of Rs. 417.80. It touched an intra-day low of Rs. 414.30.
