Commodity tips : Copper futures climbed in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal as an improving US economic recovery brightened the demand outlook for the metal.
Whilst the number of Americans filing to claim unemployment insurance benefits fell last week, a leading index for the US rose at the fastest pace in four months in October 2015, signaling a pickup in the world’s biggest economy.
However, worries over the demand prospects from China, the world’s biggest metals consumer, curbed gains in copper, as a leading index for China grew at a slower pace in October, signaling a deepening economic slowdown. The China Leading Index climbed 0.6 per cent in October from September when it advanced 1.6 per cent.
At the MCX, copper futures for November 2015 contract were trading at Rs.305.10 per kg, up by 0.49 per cent, after opening at Rs. 304.30, against the previous closing price of Rs. 303.60. It touched an intraday high of 306.90. (At 12:24 PM).
Whilst the number of Americans filing to claim unemployment insurance benefits fell last week, a leading index for the US rose at the fastest pace in four months in October 2015, signaling a pickup in the world’s biggest economy.
However, worries over the demand prospects from China, the world’s biggest metals consumer, curbed gains in copper, as a leading index for China grew at a slower pace in October, signaling a deepening economic slowdown. The China Leading Index climbed 0.6 per cent in October from September when it advanced 1.6 per cent.
At the MCX, copper futures for November 2015 contract were trading at Rs.305.10 per kg, up by 0.49 per cent, after opening at Rs. 304.30, against the previous closing price of Rs. 303.60. It touched an intraday high of 306.90. (At 12:24 PM).
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