Tuesday, 25 August 2015
MCX TIPS--Copper slips amid China stock marke tbloodbath
Copper prices fell by 1.95 per cent on Monday as steep declines on Chinese stock markets dampened appetite for the red metal. The Shanghai Composite tumbled almost 9 per cent to a six-month low, wiping out this year's gains. The drop came amid growing concerns over China's slowing economy and worries that Beijing may allow the yuan to continue to depreciate, fuelling fears over a currency war that could destabilize the global economy.
At the MCX, copper futures for August 2015 contract were trading at Rs.331.15 per 1 kg, down by 1.95 per cent, after opening at Rs. 335.05 against the previous closing price of Rs. 337.75. It touched the intra-day low of Rs. 328.40 till the trading. 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 2375 metric tonnes to 352450 metric tonnes as on August 24, 2015.
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