Free MCX Tips: Copper futures fell during late morning trade in the domestic market on Thursday as investors and speculators exited positions in the industrial metal on profit-booking by investors after the stellar gains in recent sessions when traders cheered the speculation of likely production cuts by Chinese copper producers next quarter, and ahead of the New Year.
Further, caution ahead of tomorrow’s Chinese official factory data which may show that manufacturing shrank for a fifth straight month in December, highlighting weakness in the world’s second biggest economy, thereby clouding the metal’s demand outlook, also weighed. China’s manufacturing PMI came in at 49.6 in November, below the mark of 50 that separates expansion from contraction.
At the MCX, Copper futures for February 2016 contract is trading at Rs 317.05 per kg, down by 0.42 per cent after opening at Rs 318.1, against the previous closing price of Rs 318.4. It touched the intra-day low of Rs 316.9 (At 11:40 AM).
Further, caution ahead of tomorrow’s Chinese official factory data which may show that manufacturing shrank for a fifth straight month in December, highlighting weakness in the world’s second biggest economy, thereby clouding the metal’s demand outlook, also weighed. China’s manufacturing PMI came in at 49.6 in November, below the mark of 50 that separates expansion from contraction.
At the MCX, Copper futures for February 2016 contract is trading at Rs 317.05 per kg, down by 0.42 per cent after opening at Rs 318.1, against the previous closing price of Rs 318.4. It touched the intra-day low of Rs 316.9 (At 11:40 AM).
No comments:
Post a Comment