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19-Aug2016

Copper futures trade lower on MCX

Copper futures traded lower on MCX as 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.

The contract for August delivery was trading at Rs 320.25, down by 0.12% or Rs 0.40 from its previous closing of Rs 320.65. The open interest of the contract stood at 26266.00 lots.

The contract for November delivery was trading at Rs 326.80, down by 0.14% or Rs 0.45 from its previous closing of Rs. 327.25. The open interest of the contract stood at 1670.00 lots on MCX.

 


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