Copper falls on mixed China data
04/06/2014 11:53
Copper prices fell by 0.68 per cent on Wednesday as a result of mixed data on China’s economy which reduced the demand outlook for the metal. China’s final HSBC Purchasing Managers Index for May released earlier came in at 49.4, down from a preliminary estimate of 49.7, but higher then April's reading of 48.1. Activity in the country's services sector improved to a six-month high in May. Chinese non-manufacturing PMI rose to 55.5 from 54.8 in April. At the MCX, copper futures for June 2014 contract were trading at Rs.409.95 per 1 kg, down by 0.68 per cent, after opening at Rs. 415 against the previous closing price of Rs. 412.75. It touched the intra-day low of Rs. 409.30 till the trading. (At 11.40 AM today). However, losses were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 2000 metric tonnes to 168825 metric tonnes as on June 3, 2014.
04/06/2014 11:53
Copper prices fell by 0.68 per cent on Wednesday as a result of mixed data on China’s economy which reduced the demand outlook for the metal. China’s final HSBC Purchasing Managers Index for May released earlier came in at 49.4, down from a preliminary estimate of 49.7, but higher then April's reading of 48.1. Activity in the country's services sector improved to a six-month high in May. Chinese non-manufacturing PMI rose to 55.5 from 54.8 in April. At the MCX, copper futures for June 2014 contract were trading at Rs.409.95 per 1 kg, down by 0.68 per cent, after opening at Rs. 415 against the previous closing price of Rs. 412.75. It touched the intra-day low of Rs. 409.30 till the trading. (At 11.40 AM today). However, losses were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 2000 metric tonnes to 168825 metric tonnes as on June 3, 2014.
