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Copper drops ahead of key China PMI report

By Religare
|

Copper prices fell by 1.99 per cent on Tuesday as investors looked ahead to key Chinese manufacturing data later in the week for a fresh indication on the strength of the world's second largest economy. China will release a preliminary reading of the Caixin manufacturing purchasing managers' index for September on Wednesday amid lingering concerns over a China-led global economic slowdown. The index is expected to inch up to 47.5 this month from a final reading of 47.3 a month earlier, which was the lowest level since March 2009. At the MCX, copper futures for November 2015 contract were trading at Rs. 344.15 per 1 kg, down by 1.99 per cent, after opening at Rs. 350.50 against the previous closing price of Rs. 351.15. It touched the intra-day low of Rs. 343.50 till the trading. (At 4.45 PM today).

 

However, losses were limited 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 5750 metric tonnes to 330100 metric tonnes as on September 22, 2015.

Story first published: Tuesday, September 22, 2015, 23:00 [IST]
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