Tuesday, 27 September 2016

Copper futures drop 0.83% on weak US economic data : 27 Sept 2016



Copper futures were trading lower during the evening trade in the domestic market on Tuesday as participants remained on the sidelines in the industrial metal as soft US data raised concerns over the health of the world’s biggest economy, clouding demand prospects for copper. While a regional manufacturing gauge in the US remained in contraction territory in September, the sale of new homes slipped in August, signaling slower third quarter economic growth.

US new home sales fell 7.6 percent to a 609,000 annualized pace in August 2016, while the Dallas Fed Manufacturing Index stood at -3.7 this month, staying in the negative territory for the twenty-first month on the trot.

At the MCX, copper futures for November 2016 contract is trading at Rs 324 per kg, down by 0.83 per cent, after opening at Rs 325.75, against a previous close of Rs 326.70. It touched the intra-day low of Rs 323.80 

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