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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