Copper Updates – Copper tumbles on China Demand Fears
Copper futures plunged by more than 1 per cent during noon trade in the domestic market on Monday as investors and speculators exited positions in the industrial metal as dismal China trade data underlined concerns over the health of the world’s second biggest economy, clouding the demand outlook for copper.
Chinese exports fell 1.8 per cent in dollar terms in April and imports suffered an 18th straight month of decline.
Further, the US economy added 160,000 jobs in April, the fewest in seven months, compared to a revised 208,000 gain in March, and missing estimates for a 200,000 gain.
At the MCX, copper futures for June 2016 contract were trading at Rs.315.3 per 1 kg, down by 1.51 per cent, after opening at Rs. 319.5, against the previous closing price of Rs. 320.15. It touched the intra-day low of Rs. 314.55 till the trading.
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