Slowing China credit growth takes toll on Copper
12/09/2014 11:45
Copper futures fell in the domestic market on Friday as investors and speculators exited positions in the industrial metal tracking a weak trend in the overseas market after China’s aggregate financing, the broadest measures of new credit, stood at 957.4 billion yuan in August, compared to analysts’ estimates of 1.135 trillion yuan, signaling weaker growth in the world’s second biggest economy, dimming the demand outlook for the industrial metal.
Caution persisted ahead of US retail sales and consumer sentiment data to be released today.
At the MCX, copper futures for November 2014 contract is trading at Rs. 419.70 per 1 kg, down by 0.38 per cent, after opening at Rs. 422.05, against the previous closing price of Rs. 421.30. It touched an intra-day low of Rs. 419.65. (At 11:33 AM).
Copper futures fell in the domestic market on Friday as investors and speculators exited positions in the industrial metal tracking a weak trend in the overseas market after China’s aggregate financing, the broadest measures of new credit, stood at 957.4 billion yuan in August, compared to analysts’ estimates of 1.135 trillion yuan, signaling weaker growth in the world’s second biggest economy, dimming the demand outlook for the industrial metal.
Caution persisted ahead of US retail sales and consumer sentiment data to be released today.
At the MCX, copper futures for November 2014 contract is trading at Rs. 419.70 per 1 kg, down by 0.38 per cent, after opening at Rs. 422.05, against the previous closing price of Rs. 421.30. It touched an intra-day low of Rs. 419.65. (At 11:33 AM).
