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Deepening China equity rot hits Copper

By Religare
|

Copper continued to bite the dust with prices trading lower during noon trade in the domestic market on Tuesday as a worsening stock market turmoil in China threatened to spread to the other parts of the world's second biggest economy, looming large on the industrial metal's demand outlook.

China is the world's biggest consumer of the metal, accounting for over 40 per cent of global copper demand.

After recording the steepest one-day percentage loss of 8.5 per cent on Black Monday, China's Shanghai Composite shed over 7.7 per cent on Tuesday, dropping below the 3,000 mark for the first time in eight months, as the country's stocks marked the biggest four-day slide in nearly two decades, on concerns over reduced government support.

 

However, a leading index showed a pickup in the Chinese economy, rising 0.9 per cent in July from June when it climbed 0.6 per cent, stemming some worries over a slowdown, trimming losses in the metal.

At the MCX, Copper futures for August 2015 contract is trading at Rs 333.30 per 1 kg, down by 0.36 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 331.50 (At 12:28 PM).

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