Copper Bears remain in command

On Tuesday, Prices of Copper were trading lower in the native market as investors and speculators exited positions in the industrial metal as a slowdown in US manufacturing activity clouded the demand outlook for copper.The ISM US Manufacturing PMI fell to 52.7 in July from 53.5 in June, with a reading above 50 signaling expansion. US consumer spending rose at the slowest pace since February, up 0.2 % in June from May when it elevated 0.7 per cent.China’s benchmark index, the Shanghai Composite surged over 1 per cent on Tuesday, snapping a three-day losing streak, after the country’s officials unveiled more measures to stem the steep stock market rout including curbs on short selling forcing traders to hold for at least a day, easing worries over the demand outlook in the world’s biggest metals consumer, trimming losses in Copper.
Copper futures for August 2015 contract at MCX is trading at Rs 332.20 per 1 kg, down by 0.40 per cent after opening at Rs 333.15, against the previous closing price of Rs 333.55. It reached the intra-day low of Rs 332.15. At 10 O' Clock.

 

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