COMMODITY TIPS | Copper futures faltered during morning trade in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as a contraction in US national economic activity index signaled cooling growth in the world’s biggest economy, which may curb copper demand.
The Chicago Fed National Activity Index came in at -0.30 in November, compared to -0.17 in October, with a reading below 0 signaling contraction.
However, copper received some support from data showing a pickup in China’s economy as a leading index advanced at a quicker pace in November. The Conference Board said that its China leading economic index climbed 0.6 per cent in November from October, when it advanced 0.3 per cent.
At the MCX, Copper futures for February 2016 contract is trading at Rs 314.85 per kg, down by 0.79 per cent after opening at Rs 315.8, against the previous closing price of Rs 317.35. It touched the intra-day low of Rs 314.8. (At 10:52 AM).
The Chicago Fed National Activity Index came in at -0.30 in November, compared to -0.17 in October, with a reading below 0 signaling contraction.
However, copper received some support from data showing a pickup in China’s economy as a leading index advanced at a quicker pace in November. The Conference Board said that its China leading economic index climbed 0.6 per cent in November from October, when it advanced 0.3 per cent.
At the MCX, Copper futures for February 2016 contract is trading at Rs 314.85 per kg, down by 0.79 per cent after opening at Rs 315.8, against the previous closing price of Rs 317.35. It touched the intra-day low of Rs 314.8. (At 10:52 AM).
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