Base Metal tips - Copper futures were trading lower in the domestic market on Thursday during noon trade as investors and speculators exited positions in the industrial metal as a slowdown in China’s services activity in November signaled concerns over the world’s second biggest economy, darkening the demand outlook for copper.
China’s services
gauge declined to 51.2 in November from 52 in October, with a reading above 50
signaling expansion. China is the world’s biggest metals consumer, accounting
for about half of global copper consumption. Weak physical demand for copper
from the domestic spot market also weighed on the base metal.
At the MCX, Copper
futures for February 2016 contract were trading at Rs.304.65 per kg, down by
0.54 per cent, after opening at Rs. 306.3, against the previous closing price
of Rs. 306.3. It touched an intraday low of 304.35.
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