Copper futures slip on China demand fears
Copper futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal as concerns that slowing economic growth in China, the world’s biggest metals consumer, clouded the demand outlook for copper. China accounts for nearly 40 per cent of global copper consumption. German factory orders fell in March, signaling a faltering recovery in Europe’s biggest economy, darkening the demand outlook for industrial metals. Orders received by German factories fell 2.8 per cent in March from the previous month. Copper futures may rebound today as a rise in China’s exports and imports last month eased fears of a slowdown in the world’s second biggest economy. At the MCX, copper futures for June 2014 contract closed at Rs 405.35 per 1 kg, down by 0.86 per cent, after opening at Rs. 410, against the previous closing price of Rs. 408.85. It touched an intra-day low of Rs. 404.40.
Copper futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal as concerns that slowing economic growth in China, the world’s biggest metals consumer, clouded the demand outlook for copper. China accounts for nearly 40 per cent of global copper consumption. German factory orders fell in March, signaling a faltering recovery in Europe’s biggest economy, darkening the demand outlook for industrial metals. Orders received by German factories fell 2.8 per cent in March from the previous month. Copper futures may rebound today as a rise in China’s exports and imports last month eased fears of a slowdown in the world’s second biggest economy. At the MCX, copper futures for June 2014 contract closed at Rs 405.35 per 1 kg, down by 0.86 per cent, after opening at Rs. 410, against the previous closing price of Rs. 408.85. It touched an intra-day low of Rs. 404.40.
