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Copper drops 0.33% on weak US data

By Religare
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Copper prices fell by 0.33 per cent on Tuesday after U.S. existing home sales fell more than expected in August, one month after hitting the highest level since 2007 signaling weak housing market in US, world's largest economy which reduced the demand for the industrial metal. At the MCX, copper futures for November 2015 contract were trading at Rs.350 per 1 kg, down by 0.33 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. 348.75 till the trading. (At 11.45 AM today).

 

National Association of Realtors said that existing home sales declined 4.8 per cent to a seasonally adjusted 5.31 million units last month from 5.58 million in July. Analysts had expected existing home sales to fall 1.3 per cent to 5.51 million units in August.

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