Uncertain US Demand Outlook Weighs On Copper

Copper futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid doubts surrounding the health of the US economy as a regional factory gauge returned to contraction and unemployment claims climbed, dimming the demand prospects for the metal.

The number of Americans who filed to claim jobless benefits rose by 14,000 to 266,000 in the week ended July 23 while a gauge measuring manufacturing activity in the Kansas region fell to -6 in July from 2 in June, with a reading below 0 signaling contraction.

At the MCX, Copper futures for August 2016 contract is trading at Rs 327.70 per kg, down by 0.47 per cent, after opening at Rs 328.90, against a previous close of Rs 329.25. It touched the intra-day low of Rs 326.25.

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Suhani Verma

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