MCX Copper Prices Reverse Previous Gains

Copper prices reversed its previous day’s gains, falling by 0.53 per cent on Friday after Ministry of Statistics and Programme Implementation said that Indian Industrial Production fell unexpectedly to a seasonally adjusted -1.8 per cent, from 2.4 per cent in the preceding month in turn weakening demand outlook for the metal.

At the MCX, copper futures for August 2012 contract were trading at Rs. 415.50 per 1 kg, down by 0.53 per cent, after opening at Rs. 417.50 against the previous closing price of Rs. 417.70. It touched the intra-day low of Rs. 415.40 till the trading. (At 11.05 AM today).

Sentiment weakened further as the US dollar strengthened against other major currencies in turn reducing demand for the metal. The dollar index for September 2012 future was up 0.06 per cent to trade at 82.68 on the Inter-Continental Exchange (ICE) US dollar future index at 11.05 AM IST today. A stronger dollar makes dollar-priced commodities expensive. 

Prices also fell after China's July trade surplus narrowed to $25.1 billion from $31.7 billion in June July trade surplus narrowed to $25.1 billion from $31.7 billion in June, in turn indicating weak economy and reducing demand outlook for the metal. [ Via ]

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