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Copper slips on sharp China factory slowdown

By Religare
|

Copper prices fell by 0.74 per cent on Friday on worries of a deepening China economic slowdown after a private survey showed the factory sector shrank at its fastest rate in almost 6-1/2-years in August, hammering global stocks and commodity prices. Prices fell fearing China's sagging economy would translate into slower global growth and muddy the outlook for the timing of the first U.S. interest rate hike in nearly a decade. At the MCX, copper futures for August 2015 contract were trading at Rs.333.50 per 1 kg, down by 0.74 per cent, after opening at Rs. 335.70 against the previous closing price of Rs. 336. It touched the intra-day low of Rs. 330.90 till the trading. (At 4.25 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 576 metric tonnes to 350075 metric tonnes as on August 21, 2015.

Story first published: Friday, August 21, 2015, 23:00 [IST]
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