Free MCX Tips: Copper futures plunged by almost 1 per cent in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amidst muted physical demand for copper in the domestic spot market.
Further, caution amidst the finish of the year also weighed on prices of the base metal.
Profit-booking by investors, in the industrial metal after the stellar gains in recent sessions when investor cheered the speculation of likely production cuts by Chinese copper producers in January-March 2016 quarter, also boosted prices.
A surge in the number of Americans seeking to claim jobless benefits raised concerns over the pace of the labour market recovery in the world’s biggest economy, dimming the demand outlook for the base metal. US jobless claims jumped by 20,000 to 287,000 last week, the highest level since July.
Copper may extend a retreat today as a fifth straight contraction in China’s manufacturing activity dampened optimism over a recovery in the world’s second biggest economy, clouding the demand outlook for the base metal. The official China factory gauge stood at 49.7 in Dec, below the mark of 50 that separates expansion from contraction, compared to 49.6 in November.
At the MCX, Copper futures for February 2016 contract closed at Rs 315.5 per kg, down by 0.91% after opening at Rs 318.1, against the previous closing price of Rs 318.4. It touched the intra-day low of Rs 313.1.
Further, caution amidst the finish of the year also weighed on prices of the base metal.
Profit-booking by investors, in the industrial metal after the stellar gains in recent sessions when investor cheered the speculation of likely production cuts by Chinese copper producers in January-March 2016 quarter, also boosted prices.
A surge in the number of Americans seeking to claim jobless benefits raised concerns over the pace of the labour market recovery in the world’s biggest economy, dimming the demand outlook for the base metal. US jobless claims jumped by 20,000 to 287,000 last week, the highest level since July.
Copper may extend a retreat today as a fifth straight contraction in China’s manufacturing activity dampened optimism over a recovery in the world’s second biggest economy, clouding the demand outlook for the base metal. The official China factory gauge stood at 49.7 in Dec, below the mark of 50 that separates expansion from contraction, compared to 49.6 in November.
At the MCX, Copper futures for February 2016 contract closed at Rs 315.5 per kg, down by 0.91% after opening at Rs 318.1, against the previous closing price of Rs 318.4. It touched the intra-day low of Rs 313.1.
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