Slowing US housing sector weighs on copper futures
22/05/2014 09:29
Copper futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after a warning by the US Federal Reserve over the slowdown in the US housing sector dimmed the demand outlook for the industrial metal. FOMC minutes showed that Fed members were concerned over the continued weakness in the US housing sector. However, the losses in the base metal were curbed by robust Euro area data which showed an improvement in the region’s consumer confidence signaling a pickup in the 18-member economy, lifting the demand outlook for industrial metals. The gauge measuring consumer confidence in the Euro area surged to the highest level since 2007, up to -7.1 in May 2014 from -8.6 in the previous month, the EU said. However, Copper futures may rise today as easing contraction in Chinese factories supports the demand outlook for industrial metals. At the MCX, copper futures for June 2014 contract closed at Rs. 407.80 per 1 kg, down by 0.56 per cent, after opening at Rs. 410.40, against the previous closing price of Rs. 410.10. It touched an intra-day low of Rs. 405.
22/05/2014 09:29
Copper futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after a warning by the US Federal Reserve over the slowdown in the US housing sector dimmed the demand outlook for the industrial metal. FOMC minutes showed that Fed members were concerned over the continued weakness in the US housing sector. However, the losses in the base metal were curbed by robust Euro area data which showed an improvement in the region’s consumer confidence signaling a pickup in the 18-member economy, lifting the demand outlook for industrial metals. The gauge measuring consumer confidence in the Euro area surged to the highest level since 2007, up to -7.1 in May 2014 from -8.6 in the previous month, the EU said. However, Copper futures may rise today as easing contraction in Chinese factories supports the demand outlook for industrial metals. At the MCX, copper futures for June 2014 contract closed at Rs. 407.80 per 1 kg, down by 0.56 per cent, after opening at Rs. 410.40, against the previous closing price of Rs. 410.10. It touched an intra-day low of Rs. 405.
