Friday, 27 September 2013

MCX Copper futures Lifted by Upbeat US economic data

MCX Copper futures rose in the domestic market on Yesterday as investors and speculators booked fresh positions in the industrial metal after a report showed that the world’s biggest economy expanded at a faster pace last quarter , bolstering the demand outlook for the base metal. The US economy expanded at an annualized pace of 2.5 per cent in Q2 2013 from the previous quarter underpinned by higher consumer spending. Jobless claims in the US unexpectedly fell last week, signaling an improving labour market recovery. However, a decline in the number of Americans signing contracts to buy previously owned homes signaled a cooling housing market recovery, clouding the demand outlook for the industrial metal, trimming gains in copper futures. The gauge measuring pending home sales fell 1.6 per cent in August 2013 from the previous month. 

At the MCX, Copper futures for November 2013 contract closed at Rs. 458.30 per 1 kg, up by 0.39 per cent, after opening at Rs. 457.20, against the previous closing price of Rs. 456.50. It closed an intra-day high of Rs 461.35.

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