MCX BASE METAL TIPS: Copper futures tumbled by more than 1.6 per cent in the domestic market on Monday as investors and speculators exited positions in the industrial metal amidst weak physical demand for copper in the domestic spot market.
Further, manufacturing activity in China contracted at a sharper rate in December, signaling a worsening economic growth outlook in the world’s biggest metals consuming nation, darkening the demand prospects for Copper.
The Caixin China General Manufacturing PMI fell to 48.2 in December from 48.6 in November, with a reading below 50 signaling contraction.
At the MCX, Copper futures for February 2016 contract is trading at Rs 310.75 per kg, down by 1.75 per cent after opening at Rs 315.7, against the previous closing price of Rs 316.3. It touched the intra-day low of Rs 310.55. (At 11:58 AM).
Further, manufacturing activity in China contracted at a sharper rate in December, signaling a worsening economic growth outlook in the world’s biggest metals consuming nation, darkening the demand prospects for Copper.
The Caixin China General Manufacturing PMI fell to 48.2 in December from 48.6 in November, with a reading below 50 signaling contraction.
At the MCX, Copper futures for February 2016 contract is trading at Rs 310.75 per kg, down by 1.75 per cent after opening at Rs 315.7, against the previous closing price of Rs 316.3. It touched the intra-day low of Rs 310.55. (At 11:58 AM).
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