Copper futures end lower on China demand fears
21/05/2014 09:24
Copper futures fell in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid fears that a slowing economic recovery in China, the world’s biggest metals consumer, may dampen the demand for the base metal. China is set to miss its foreign trade target for a third straight year on higher labour costs and weaker global demand, signaling a worsening slowdown in the world’s second biggest economy, darkening the demand outlook for copper. China has set a 7.5 per cent growth target for exports and imports in 2014. Copper futures may trade on a cautious note today ahead of the US FOMC minutes where the Fed may offer more cues over further stimulus tapering. At the MCX, copper futures for June 2014 contract closed at Rs. 410.10 per 1 kg, down by 0.47 per cent, after opening at Rs. 412, against the previous closing price of Rs. 412.05. It touched an intra-day low of Rs. 407.65..
21/05/2014 09:24
Copper futures fell in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid fears that a slowing economic recovery in China, the world’s biggest metals consumer, may dampen the demand for the base metal. China is set to miss its foreign trade target for a third straight year on higher labour costs and weaker global demand, signaling a worsening slowdown in the world’s second biggest economy, darkening the demand outlook for copper. China has set a 7.5 per cent growth target for exports and imports in 2014. Copper futures may trade on a cautious note today ahead of the US FOMC minutes where the Fed may offer more cues over further stimulus tapering. At the MCX, copper futures for June 2014 contract closed at Rs. 410.10 per 1 kg, down by 0.47 per cent, after opening at Rs. 412, against the previous closing price of Rs. 412.05. It touched an intra-day low of Rs. 407.65..
