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Thursday 8 December 2016

Copper futures in reverse gear : 08 Dec 2016

Copper futures fell during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal despite upbeat China trade data.

China’s imports grew at the fastest pace in more than 2 years in the month of November, buoyed by its strong thirst for commodities, while exports too rose unexpectedly, thus reflecting a pick-up in both domestic and global demand. Further, Chinese imports expanded 6.7 per cent from a year earlier, easily eclipsing economists’ expectations for a drop of 1.3 per cent and its strongest gain since September 2014, official data showed on Thursday. While, exports grew 0.1 per cent from a year earlier, defying predictions for a 5 per cent slide.

At the MCX, copper futures for February 2017 contract is trading at Rs 394.85 per kg, down by 0.18 per cent, after opening at Rs 396.05, against a previous close of Rs 395.55. It touched the intra-day low of Rs 390.75


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