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Copper extends losses; falls on China concerns, weak French data

By Religare
|

Copper prices extended losses, falling for the second day on Friday at the domestic markets in the midst of signs that US Federal Reserve may pare stimulus in the near-term as well as lingering worries over a cash squeeze in China, the world's biggest metals consuming nation in turn clouding the demand outlook for the base metal. At the MCX, copper futures for June 2013 contract were trading at Rs. 401.85 per 1 kg, down by 0.48 per cent, after opening at Rs. 402.65 against the previous closing price of Rs. 403.80. It touched the intra-day low of Rs. 401.30 till the trading. (At 11.20 AM today).

 

Sentiment weakened further after INSEE said that French Consumer Confidence fell to 78, from 79 in the preceding month which further dampened the demand outlook for the metal.

However, losses in the base metal were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 3675 metric tonnes to 667425 metric tonnes

At COMEX, copper futures for August 2013 contract traded at US$3.0430 per pound, down by 0.31 per cent. It opened at US$3.0490 against the previous closing price of US$3.0525. It touched the intra-day low of US$3.0080 till the electronic trading. (At 11.21 am IST).

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Story first published: Friday, June 28, 2013, 12:41 [IST]
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