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Copper futures slip on Fed bets

By Religare
|

Copper futures ended lower in the domestic market on Thursday amid concerns that the US Federal Reserve may pare stimulus in the near-term, clouding the demand outlook for the base metal. The US is the world's second biggest metals consuming nation.

Data this week showed that US consumer confidence climbed, durable goods orders rose while jobless claims fell. Investors are concerned about the outlook for the US economy once Fed reduces monetary support.

 

Lingering worries over a cash squeeze in China, the world's biggest metals consuming nation, also dimmed the demand outlook for the base metal. While China's central bank vowed to ensure stability in money markets, it failed to cut interest rates or undertake other measures to ease the cash squeeze, leaving investors disappointed.

At the MCX, Copper futures, for the June 2013 contract, closed at Rs 403.80 per kg, down by 1.21 per cent, after opening at Rs 409, against a previous close of Rs 408.75. It touched an intra-day low of Rs 403.50.

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