Thursday, 8 September 2016

Copper futures in reverse gear on global cues : 8 Sept 2016



Copper futures were trading lower during the evening trade in the domestic market on Thursday as investors and speculators exit positions in the industrial metal ahead of the ECB policy meet later in the session with hopes that the Frankfurt-based central bank may boost QE as it cuts growth forecasts for the Euro area. Meanwhile, a mixed bag of Chinese trade data signaled uncertainty over the demand outlook for copper from the world’s biggest metals consuming nation as Chinese exports fell 2.8 per cent, y-o-y in August 2016 but imports climbed 1.5 per cent. At the MCX, copper futures for November 2016 contract is trading at Rs 311.70 per kg, down by 0.26 per cent, after opening at Rs 313, against a previous close of Rs 312.50. It touched the intra-day low of Rs 311.40 

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