Mcx commodity tips and Updates for 13 July 2015

Mcx commodity tips : Copper prices ended lower in the domestic market on Friday as investors and speculators exited positions in the industrial metal after the IMF warned over slower growth in the world’s largest economy, the US, this year, clouding the demand outlook for copper. Washington-based lender cut the 2015 global economic growth forecast for the US to 3.3 % in 2015 from 3.5 per cent estimated earlier. Further, number of Americans seeking to claim jobless benefits surged to a four-month high last week signaling a faltering US labour market recovery that may curb consumer spending. Jobless claims climbed by 15000 to 297000 last week. Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 325 metric tonnes to 329725 metric tonnes as on July 10, 2015. Copper prices may decline as investors now look ahead to upcoming US data which may determine the health of the world’s largest economy. At the MCX, Copper futures for August 2015 contract closed at Rs 358.70 per 1 kg, down by 0.26 per cent after opening at Rs 360 against the previous closing price of Rs 359.65. It touched the intra-day low of Rs 356.50 till the closing.