Base Metal Tips: Copper futures fell during noon trade in the domestic market on Thursday as investors and speculators exited positions in the industrial metal as soft China manufacturing and services data signaled a worsening slowdown in the world’s biggest metals consumer, darkening the demand outlook for copper.
The official China manufacturing PMI stood unchanged at 50.1 in May, a sign that manufacturing in the world’s second biggest economy almost stalled, while the country’s services gauge fell to 53.1 in May from 53.5 in April, above the neutral 50-mark.
At the MCX, Copper futures for June 2016 contract were trading at Rs.309.25/kg, down by 0.39 per cent, after opening at Rs. 309.20, against the previous closing price of Rs. 310.45. It touched the intra-day low of Rs. 308.90 till the trading.
The official China manufacturing PMI stood unchanged at 50.1 in May, a sign that manufacturing in the world’s second biggest economy almost stalled, while the country’s services gauge fell to 53.1 in May from 53.5 in April, above the neutral 50-mark.
At the MCX, Copper futures for June 2016 contract were trading at Rs.309.25/kg, down by 0.39 per cent, after opening at Rs. 309.20, against the previous closing price of Rs. 310.45. It touched the intra-day low of Rs. 308.90 till the trading.
