Downbeat demand outlook drags down Copper futures 12/09/2014

Downbeat demand outlook drags down Copper futures
12/09/2014 16:02
Copper prices fell by 0.11 per cent on Friday at the domestic markets after the number of people who filed for unemployment assistance in the U.S. last week rose unexpectedly to hit a ten-week high, dampening optimism over the strength of the labor market which reduced the demand outlook for the metal. The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending September 6 increased by 11,000 to a seasonally adjusted 315,000. At the MCX, copper futures for November 2014 contract were trading at Rs.420.85 per 1 kg, down by 0.11 per cent, after opening at Rs. 422.05 against the previous closing price of Rs. 421.30. It touched the intra-day low of Rs. 419.25 till the trading. (At 4.02 PM today).
Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 700 metric tonnes to 156475 metric tonnes as on September 12, 2014.