Copper in reverse gear 19/08/2016 13:58

Copper in reverse gear
19/08/2016 13:58

Copper futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid weak physical demand for copper in the domestic spot market.
Traders cast aside upbeat US economic data which showed a drop in jobless claims and acceleration in US leading index, signaling a pickup in the country’s economic growth, and improving the metal’s demand outlook. US jobless claims fell 4,000 to 262,000 last week while a leading index rose 0.4 per cent in July from June, when it climbed 0.3 per cent.
At the MCX, copper futures for August 2016 contract is trading at Rs 320.15 per kg, down by 0.16 per cent, after opening at Rs 320.55, against a previous close of Rs 320.65. It touched the intra-day low of Rs 319.75. (At 13:53 PM).