Commodity Updates – Copper futures Hike up in the Domestic Market.
Copper futures rose during morning trade in the domestic market on Tuesday amidst firm physical demand for the industrial metal in the domestic spot market. However, the gains in the metal were restricted by worries over global growth as manufacturing in the US tumbled to the lowest level since September 2009 with the Markit Manufacturing PMI falling to 50.5 in May from 50.8 in April, a tad above the neutral 50-mark. Further, the Eurozone Composite PMI fell to a 16-month low of 52.9 in May, a sign of a faltering recovery in the 19-member economy. At the MCX, copper futures for June 2016 contract were trading at Rs.310.2 per 1 kg, up by 0.27 per cent, after opening at Rs. 309.45, against the previous closing price of Rs. 309.35. It touched the intra-day high of Rs. 310.3 till the trading.
Read More – Copper Updates