MCX Copper-China manufacturing contraction drags down MCX Copper futures
MCX Copper futures slumped in the domestic market on Today after a report said that manufacturing activity in China, the world’s biggest copper consuming nation, shrank for the first time in seven months, darkening the demand outlook for the base metal. The gauge measuring Chinese manufacturing fell to 49.6 this month from 50.4 in April 2013, with a reading below 50 signaling contraction, Markit Economics said. Sentiment also weakened after US Federal Reserve Chairman Ben Bernanke hinted that the central bank may taper its QE program in the coming policy meetings depending on the improvement in the labour market, dimming the demand outlook for copper. At the MCX, Copper futures, for the June 2013 contract, is trading at Rs 410.45 per kg, down by 1.54 per cent, after opening at Rs 416.40, against a previous close of Rs 416.85. It touched an intra-day low of Rs 407.10.
MCX Lead -Lead futures slump on weak China Manufacturing data, sluggish physical demand
MCX Lead futures fell sharply in the domestic market on Today as investors and speculators exited positions in the base metal amid weak physical demand for lead from battery-makers in the domestic spot market. Further, a weak trend in overseas markets also added to selling pressure in the base metal as the first contraction in Chinese manufacturing in seven months signaled a deepening economic slowdown in the world’s biggest metals consuming nation, clouding the demand outlook for lead. At the MCX, Lead futures, for the May 2013 contract, is trading at Rs 112.65 per kg, down by 1.49 per cent, after opening at Rs 114, against a previous close of Rs 114.35. It touched an intra-day low of Rs 112.10.
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