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Upbeat German industrial output data lifts Copper

By Religare
|

Copper futures were trading higher during noon trade in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal after a rebound in industrial output in Germany signaled a pickup in the recovery in Europe's biggest economy, lifting the demand outlook for the base metal.

German industrial output climbed by 0.7 per cent in July from June when it dropped a revised 0.9 per cent.

 

However, a worsening rout in equities in China, which tumbled over 2.5 per cent today amid speculation that state-backed funds had ceased buying, threatened to signal deep-rooted problems in the world's biggest metals consumer, clouding the demand prospects for copper, trimming gains in the metal.

At the MCX, Copper futures for November 2015 contract is trading at Rs 349.95 per 1 kg, up by 0.71 per cent after opening at Rs 348, against the previous closing price of Rs 347.50. It touched the intra-day high of Rs 350.10 (At 12:29 PM).

Story first published: Monday, September 7, 2015, 23:00 [IST]
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