Tuesday, July 7, 2015

Copper Tips and Updates for 7 July 2015

Copper Tips : Kicking off the week on a bearish note, Copper futures plunged more than 3 per cent in the domestic market on Monday as investors and speculators exited positions in the industrial metal amidst speculation that the fallout of the Greek contagion may hurt global business and investor sentiment, weakening growth in the world economy, adversely impacting copper demand. Majority of Greeks over the weekend voted against further austerity measures demanded by Greece’s creditors, which have ravaged the country’s cash-strapped economy, paving the way for the Mediterranean nation’s exit from the euro with Greece highly unlikely to secure any further European funding. Moreover, the recent stock market crash in China, the world’s biggest metals consumer, has cast a cloud over the country’s growth outlook, taking further toll on copper prices. China’s stocks regained on Monday after regulators suspended initial public offerings while the country’s brokerages vowed to purchase shares, the central bank promised to provide more liquidity for margin trading and mutual funds pledged to increase investment in their stock funds in measures aimed at restoring confidence in the country’s equities and halting the biggest three-week slide in stocks since 1992. Copper may rebound today as a pickup in US services growth signaled strength in the world’s biggest economy, lifting demand prospects for industrial metals. At the MCX, Copper futures for August 2015 contract closed at Rs 357.30 per 1 kg, down by 3.43 per cent after opening at Rs 368, against the last closing price of Rs 370. It touched the intra-day low-lying of Rs 355.90.

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