Copper Updates - Copper futures rallied modestly during noon trade in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal amidst a pickup in physical demand for copper in the domestic spot market.
However, worries that a worsening economic slowdown in China, the world’s biggest metals consumer, may curb the demand for the industrial metal, trimmed gains in copper as China’s stock markets declined for a second straight day as traders seemed unsure over policymakers’ ability to manage an economic slowdown and tackle financial volatility.
The IMF has predicted China’s economy to grow at the weakest pace since 1990 at 6.3 per cent this year as the country wrestles to manage a transition from an export & investment-led economy to a one powered by services and consumption.
At the MCX, Copper futures for February 2016 contract is trading at Rs 298.2 per kg, up by 0.29 per cent after opening at Rs 297.6, against the previous closing price of Rs 297.35. It touched the intra-day high of Rs 299.95 .
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