Copper futures end tad lower on stronger rupee
23/05/2014 09:24
Copper futures closed with slim losses in the domestic market on Thursday as a stronger rupee more than offset the gains in the base metal in the overseas market. Stronger rupee against the US dollar exerted downward pressure on domestic copper prices. Copper futures rose in the overseas market after an easing contraction in Chinese manufacturing activity signaled an improving outlook for the world’s second biggest economy, lifting the demand prospects for the industrial metal. The gauge measuring China’s manufacturing rose to 49.7 in May from 48.1 in April, with a reading below 50 signaling contraction, Markit said. Further, US existing home sales surged by 1.3 per cent in April to a 4.65 million annualized rate, signaling a firm housing recovery. A combined gauge measuring Euro area manufacturing and services rose at a robust pace in May, signaling a pickup in the 18-member economy, lifting the demand outlook for industrial metals, supporting copper futures. The gauge measuring Euro area private sector output stood at 53.9 this month, Markit said. Copper futures may rise today as a pickup in US manufacturing bolsters demand outlook. At the MCX, copper futures for June 2014 contract closed at Rs. 407.45 per 1 kg, down by 0.09 per cent, after opening at Rs. 408.80, against the previous closing price of Rs. 407.80. It touched an intra-day high of Rs. 405.45.
23/05/2014 09:24
Copper futures closed with slim losses in the domestic market on Thursday as a stronger rupee more than offset the gains in the base metal in the overseas market. Stronger rupee against the US dollar exerted downward pressure on domestic copper prices. Copper futures rose in the overseas market after an easing contraction in Chinese manufacturing activity signaled an improving outlook for the world’s second biggest economy, lifting the demand prospects for the industrial metal. The gauge measuring China’s manufacturing rose to 49.7 in May from 48.1 in April, with a reading below 50 signaling contraction, Markit said. Further, US existing home sales surged by 1.3 per cent in April to a 4.65 million annualized rate, signaling a firm housing recovery. A combined gauge measuring Euro area manufacturing and services rose at a robust pace in May, signaling a pickup in the 18-member economy, lifting the demand outlook for industrial metals, supporting copper futures. The gauge measuring Euro area private sector output stood at 53.9 this month, Markit said. Copper futures may rise today as a pickup in US manufacturing bolsters demand outlook. At the MCX, copper futures for June 2014 contract closed at Rs. 407.45 per 1 kg, down by 0.09 per cent, after opening at Rs. 408.80, against the previous closing price of Rs. 407.80. It touched an intra-day high of Rs. 405.45.
