Today Copper Drops on weak Global Demand Prospects
Copper prices fell by 0.39 per cent on Thursday after global manufacturing growth stalled last month as new orders barely accelerated, forcing factories to run down backlogs and cut back on staffing levels which reduced the demand outlook for the metal. JPMorgan’s Global Manufacturing Purchasing Managers’ Index (PMI), produced with Markit, came in at 50.0 last month, right on the level that separates growth from contraction. It was 50.1 in April.
At the MCX, copper futures for June 2016 contract were trading at Rs.309.25 per 1 kg, down by 0.39 per cent, after opening at Rs. 309.20 against the previous closing price of Rs. 310.45. It touched the intra-day low of Rs. 308.75 till the trading. However, losses were limited due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 825 metric tonnes to 153525 metric tonnes as on June 2, 2016.
Read More – Copper Updates .