Weak Euro area growth weighs on copper
futures
Copper futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the industrial metal after weaker than expected growth in the Euro area signaled a cautious recovery in the 18-member economy, clouding the demand outlook for industrial metals. The Euro area economy expanded only 0.2 per cent in Q1 2014 over the previous quarter, when it had expanded at the same pace. A dip in the US housing market index signaled a faltering US housing recovery, dimming the demand outlook for industrial metals. The NAHB housing market index fell to 45 in May from 46 in the previous month. Copper futures may fall today as a slowdown in China’s FDI signaled a cooling recovery in the world’s second biggest economy, darkening the demand outlook for industrial metals. At the MCX, copper futures for June 2014 contract closed at Rs. 415.75 per 1 kg, down by 0.55 per cent, after opening at Rs. 417.10, against the previous closing price of Rs. 418.05. It touched an intra-day low of Rs. 415.20.
Copper futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the industrial metal after weaker than expected growth in the Euro area signaled a cautious recovery in the 18-member economy, clouding the demand outlook for industrial metals. The Euro area economy expanded only 0.2 per cent in Q1 2014 over the previous quarter, when it had expanded at the same pace. A dip in the US housing market index signaled a faltering US housing recovery, dimming the demand outlook for industrial metals. The NAHB housing market index fell to 45 in May from 46 in the previous month. Copper futures may fall today as a slowdown in China’s FDI signaled a cooling recovery in the world’s second biggest economy, darkening the demand outlook for industrial metals. At the MCX, copper futures for June 2014 contract closed at Rs. 415.75 per 1 kg, down by 0.55 per cent, after opening at Rs. 417.10, against the previous closing price of Rs. 418.05. It touched an intra-day low of Rs. 415.20.
