Thursday, 27 August 2015
MCX TIPS --- Copper Trading Update By Market Magnify
Copper prices fell by 2.30 per cent on Wednesday as investors looked past China's latest easing move amid ongoing concerns over the deteriorating outlook for the Asian nation's economy. The People's Bank of China cut interest rates by 25 basis points to 4.6 per cent on Tuesday, as Beijing stepped up efforts to boost economic growth and halt a stock market rout. The central bank also cut the reserve requirement ratio for large lenders by 0.5 per cent to 18.0 per cent.
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However, Chinese equities struggled on Wednesday, as worries about whether China’s central bank had done enough to spur its slowing economy remained on investors' minds. At the MCX, copper futures for August 2015 contract were trading at Rs. 330 per 1 kg, down by 2.30 per cent, after opening at Rs. 336.30 against the previous closing price of Rs. 336.85. It touched the intra-day low of Rs. 329.45 till the trading. (At 4.40 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 13475 metric tonnes to 369025 metric tonnes as on August 26, 2015.