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China slowdown pushes Copper in reverse gear

By Religare
|

Fears that a worsening economic slowdown in China, the world's biggest metals consumer, may curb demand for industrial metals pulled down Copper futures in late morning trade in the domestic market on Monday.

Industrial profits in China fell 0.3 per cent in June 2015 from the same month a year ago, coming hot on the heels of data showing that manufacturing contracted at the fastest pace in 15 months in July.

 

Further, a surprise drop in new home sales in the US in June signaled diminished demand prospects for the metal widely used in construction activity. US new home sales slid to a seven-month low, falling by 6.8 per cent to a 482,000 annualized rate in June.

At the MCX, Copper futures for August 2015 contract is trading at Rs 339 per 1 kg, down by 0.37 per cent after opening at Rs 339.85, against the previous closing price of Rs 340.25. It touched the intra-day low of Rs 338.30. (At 11:43AM).

Story first published: Monday, July 27, 2015, 12:40 [IST]
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