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Copper closes lower on sluggish China demand

By Religare

Copper futures ended lower in the domestic market on Wednesday as investors continued to monitor movements on China's volatile stock market. Market players are concerned that the plunge in the stock market could spread to other parts of the Chinese economy, triggering fears that the Asian nation's demand for the industrial metal will decline. China is the world's largest copper consumer, accounting for almost 40 per cent of world consumption last year. Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 3325 metric tonnes to 350825 metric tonnes as on August 5, 2015. Copper prices may decline as traders keep an eye on upcoming global data. At the MCX, Copper futures for August 2015 contract closed at Rs. 331.70 per 1 kg, down by 0.66 per cent after opening at Rs.333 against the previous closing price of Rs. 333.90. It touched the intra-day low of Rs. 330.65 till the closing.

Story first published: Thursday, August 6, 2015, 12:20 [IST]
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