Copper Updates - Copper futures fell during noon trade in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as weak demand from China, the world’s biggest metals consumer, soured sentiment.
Copper stockpiles tracked by the Shanghai Futures Exchange hit a record high 277,000 tons, more than doubling since the end of August, while China weakened the Yuan by the most in six weeks, signaling a deepening slowdown in the world’s second biggest economy. The People’s Bank of China cut its daily reference rate by 0.17 per cent, a sign that the country’s economic health was probably deteriorating.
At the MCX, Copper futures for February 2016 contract were trading at Rs.318.3 per 1 kg, down by 0.78 per cent, after opening at Rs. 320.4, against the previous closing price of Rs. 320.8. It touched the intra-day low of Rs. 317.2.
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