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Copper Bears rule the roost amidst global gloom

By Religare
|

Copper prices retreated during noon trade in the domestic market on Monday as a slowing global economy dashed the demand prospects for the industrial metal.

Japan's economy shrank in the second quarter, while that of Euro area slowed and fears that a devaluation of the Yuan may curb demand from China, the world's biggest metals consumer, as copper shipments become more expensive dampened sentiment.

Japan's economy shrank at an annualized pace of 1.6 per cent in the April-June 2015 quarter, while growth in the Euro area economy fell to 0.3 per cent in the June quarter from 0.4 per cent in Q1.

 

At the MCX, Copper futures for August 2015 contract is trading at Rs 336.25 per 1 kg, down by 0.69 per cent after opening at Rs 338.20, against the previous closing price of Rs 338.60. It touched the intra-day low of Rs 336. (At 13:45 PM).

Story first published: Monday, August 17, 2015, 23:00 [IST]
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