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Copper drops on weak China demand prospects

By Religare
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Copper prices fell by 0.40 per cent on Monday at the domestic markets as steep declines on Chinese stock markets dampened appetite for the red metal. The Shanghai Composite tumbled on weak industrial profits and amid reports that government buying of stocks and securities has slowed. Equity markets in China plunged sharply earlier this month, forcing policymakers to intervene and provide measures to boost liquidity and calm investors. At the MCX, copper futures for August 2015 contract were trading at Rs.338.90 per 1 kg, down by 0.40 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 till the trading. (At 4.35 PM today).

 

However, losses 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 325 metric tonnes to 342925 metric tonnes as on July 27, 2015.

Story first published: Monday, July 27, 2015, 23:00 [IST]
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