Base Metal News - Copper futures were trading on a flat note in the domestic market on Monday amid concerns that a worsening economic slowdown in China, the world’s biggest metals consumer, may curb copper demand. China’s industrial profits fell by 4.6 per cent, year on year in October 2015, signaling fears of a hard landing in the world’s second biggest economy.
Volatility in China’s stocks which swung to their steepest loss in three months on Friday , falling as much as 3.2 per cent as a drop in industrial profits, fears that IPOs will lure away funds from existing shares and concerns over regulatory probes in the country’s top brokerages soured sentiment, also weighed on copper. China’s benchmark index, the Shanghai Composite rose as much as 1 per cent on Monday before trading 0.26 per cent higher.
According to a Bloomberg report, top Chinese copper producers including Jiangxi Copper Co. and Tongling Nonferrous Metals Group Co. are considering a plan to cut 200,000 tons of output in 2016, signaling weak demand in the economy.
At the MCX, Copper futures for November 2015 contract were trading at Rs.302.9 per kg, up by 0.02 per cent, after opening at Rs. 301.95, against the previous closing price of Rs. 302.85. It touched an intraday high of 303.8.
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