Copper trading news today 17 Sep 2012

Copper prices fell by 0.91 per cent on Monday after the Federal Reserve said that US industrial production fell unexpectedly to -1.2 per cent, from 0.5 per cent in the preceding month whose figure was revised down from 0.6 per cent as production slowed in factories indicating a downturn in the growth engine and in turn reducing the demand outlook for the metal.

At the MCX, copper futures for November 2012 contract were trading at Rs. 452.55 per 1 kg, down by 0.91 per cent, after opening at Rs. 456 against the previous closing price of Rs. 456.70. It touched the intra-day low of Rs. 452.45 till the trading. 

Sentiment weakened further after the Ministry of Economy, Trade and Industry said that Japan’s industrial production fell to a seasonally adjusted -1.0 per cent, from -1.2 per cent in the preceding month reinforcing concern of a slowdown and in turn dampening the demand prospects for the industrial metal. 

However, losses in the base metal were curbed after University of Michigan said that US consumer sentiment rose to a seasonally adjusted 79.2, from 74.3 in the preceding month and Census Bureau said that US retail sales rose to a seasonally adjusted 0.9 per cent, from 0.6 per cent in the preceding month indicating that the world’s largest economy is improving and in turn increasing the demand prospects for the metal  Via

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