• Home »
  • »
  • MTECHTIPS:- Base Metals Preview: Copper Moves Closer to Rs 330, Decline Continue

MTECHTIPS:- Base Metals Preview: Copper Moves Closer to Rs 330, Decline Continue

MTECHTIPS:- Base Metals Preview: Copper Moves Closer to Rs 330, Decline Continue

Copper prices depleted further on 5 Aug 2015 and ended the day at Rs 331.70 against 333.90 per kg on 4 Aug 2015. On COMEX Copper prices declined near six-year lows hit earlier in the week, as investors continued to monitor movements on China’s volatile stock market. Copper for September delivery on the Comex division of the New York Mercantile Exchange shed 1.4 cents, or 0.61%, to trade at $2.348 a pound. Copper prices slumped on Thursday, as Chinese markets fell sharply in the last hour of trading and as the U.S. dollar strengthened broadly after the Federal Reserve left the door open for a rate hike as soon as September following its upbeat assessment of the economy. Market players are concerned that the plunge in the stock market could spread to other parts of the Chinese economy, triggering fears that the Asian nation’s demand for the industrial metal will decline. China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

www.mtechtips.com
07489294118-119