Base METALS UPDATES FOR 15 MAY 2015

Stock Market News: Weaker than expected China credit off take in the month of April underscored concerns of a hard landing in the world’s second biggest economy, taking toll on Copper futures that shed more than 1 per cent in the domestic market on Thursday. China’s new local currency loans for April lagged estimates while growth in money supply was the slowest on records dating back to 1998. The People’s Bank of China on Thursday reported that new yuan loans issued by Chinese banks and financial institutions stood at 707.9 billion yuan in April, trailing analysts’ estimates of 903 billion yuan. M2 money supply rose 10.1 per cent in April 2015 from the year ago month, missing estimates for an 11.9 per cent increase, and sharply lower than March’s 11.6 per cent gain. China is the world’s biggest copper consumer, accounting for about 40 per cent of global consumption of the industrial metal. Copper may bounce back today on speculation that Chinese officials may bolster stimulus to spur economic growth. At the MCX, Copper futures for June 2015 contract closed at Rs 411.5 per 1 kg, down by 1.33 per cent after opening at Rs 416.05, against the previous closing price of Rs 417.05. It touched the intra-day low of Rs 411.10 till the closing.