Copper futures dip amid weak global cues
06/06/2014 11:38
Copper futures fell in the domestic market on Friday as investors and speculators exited positions in the industrial metal as a rise in US jobless claims signaled headwinds to the US labour market recovery, dimming the demand outlook for industrial metals. Further, speculation that a probe into financing transactions at China’s Qingdao Port may hit the demand for the base metal to use as collateral, also weighed on sentiment. At the MCX, copper futures for June 2014 contract is trading at Rs. 403.05 per 1 kg, down by 0.38 per cent, after opening at Rs. 404, against the previous closing price of Rs. 404.60. It touched an intra-day low of Rs. 402.65. (At 11:20 AM).
06/06/2014 11:38
Copper futures fell in the domestic market on Friday as investors and speculators exited positions in the industrial metal as a rise in US jobless claims signaled headwinds to the US labour market recovery, dimming the demand outlook for industrial metals. Further, speculation that a probe into financing transactions at China’s Qingdao Port may hit the demand for the base metal to use as collateral, also weighed on sentiment. At the MCX, copper futures for June 2014 contract is trading at Rs. 403.05 per 1 kg, down by 0.38 per cent, after opening at Rs. 404, against the previous closing price of Rs. 404.60. It touched an intra-day low of Rs. 402.65. (At 11:20 AM).
