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12-Aug2016

Copper futures trade lower on MCX

Copper futures traded lower on MCX as investors exited positions in the industrial metal as a worsening economic slowdown in China, the world's biggest metals consumer, threatened to curb consumption. China's industrial output growth slowed to 6 percent, year-on-year in July 2016, from 6.2 percent in June 2016, while retail sales climbed 10.2 percent, compared to 10.6 percent. Further, fixed asset investment, a key growth driver, rose 8.1 percent in the first seven months of the year, compared to an estimated 8.9 percent by analysts.

The contract for August delivery was trading at Rs 321.95, down by 0.54% or Rs 1.75 from its previous closing of Rs 323.70. The open interest of the contract stood at 23687.00 lots.

The contract for November delivery was trading at Rs 328.15, down by 0.55% or Rs 1.80 from its previous closing of Rs. 329.95. The open interest of the contract stood at 1317.00 lots on MCX.


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