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Copper futures lackluster amid weak global manufacturing data

By Religare
|

Copper futures fell in the domestic market on Friday as weak manufacturing data from China to the US signaled a faltering global economic recovery, dimming the demand outlook for the base metal.

US manufacturing activity expanded at the weakest pace in seven months while China's manufacturing shank for the first time in seven months in May 2013. US manufacturing index fell to 51.9 this month from 52.1 in April 2013, with a reading above 50 signaling expansion.

 

A contraction in Euro area manufacturing and services activity this month signaled a gloomy demand outlook for the base metal. A combined gauge of manufacturing and services in the Euro area stood at 47.7 in May 2013, with a reading below 50 signaling contraction, Markit Economics said in a report on Thursday.

However, robust US jobless claims and housing data eased concerns over a slowdown in the economy, improving the demand outlook for copper, trimming losses in copper futures.

At the MCX, Copper futures, for the June 2013 contract, is trading at Rs 406.70 per kg, down by 0.43 per cent, after opening at Rs 408.20, against a previous close of Rs 408.45. It touched an intra-day low of Rs 406.40. (At 11:07 AM).

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Story first published: Friday, May 24, 2013, 13:30 [IST]
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