Wednesday, July 8, 2015

Commodity Updates and Tips for 8 July 2015

Commodity Updates : Copper futures slid more than 2 per cent in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as a worsening stock market rout in China, the world’s biggest metals consumer, cast a gloom on the region’s economy, signaling lower demand for industrial commodities, while the fallout of Greece’s deepening troubles threatened to spread far and wide in other European markets, threatening to slow growth in the entire Euro area. Greece has now being given time until Sunday to come up with a concrete plan to satisfy the country’s creditors and win new bailout aid or face an exit from the single currency union. Copper futures may ink a slight rebound today as a strengthening US economic recovery with job openings surging to record high in May bolster demand outlook. At the MCX, Copper futures for August 2015 contract closed at Rs 348.25 per 1 kg, down by 2.53 per cent after opening at Rs 357.20, against the last ending price of Rs 357.30. It touched the intra-day low of Rs 338.80.

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