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Copper slips on weak US demand outlook

By Religare
|

Copper prices fell by 0.50 per cent on Monday after US consumer sentiment eased more than expected in August signaling weak sentiment in US, world's largest economy which reduced the demand outlook for the metal. The University of Michigan's preliminary August reading on the overall consumer sentiment index came in at 92.9, down from the final reading of 93.1 in July. It was also below the median forecast of 93.5 among economists polled by Reuters. At the MCX, copper futures for August 2015 contract were trading at Rs.336.90 per 1 kg, down by 0.50 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. 336.20 till the trading. (At 4.45 PM today).

 

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 326 metric tonnes to 350651 metric tonnes as on August 17, 2015.

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