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Copper falls as China stocks dip again

By Religare
|

Copper prices fell by 0.15 per cent on Tuesday as Chinese stock markets plunged again, adding to concerns over the health of the world's second largest economy which reduced the demand outlook for the metal. The Shanghai Composite tumbled nearly 8 per cent on Tuesday, one day after suffering its biggest one-day drop since February 2007, as investors dumped shares amid disappointment that Beijing held back from implementing fresh measures to support stocks. At the MCX, copper futures for August 2015 contract were trading at Rs. 334 per 1 kg, down by 0.15 per cent, after opening at Rs. 334.75 against the previous closing price of Rs. 334.50. It touched the intra-day low of Rs. 330.05 till the trading. (At 4.20 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 650 metric tonnes to 355550 metric tonnes as on August 25, 2015.

Story first published: Tuesday, August 25, 2015, 23:00 [IST]
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