Do More With Reuters
Partner Services

India copper falls, eyes US data for further cues

Tue Dec 2, 2008 6:27pm IST
 
Email | Print | | Single Page
[-] Text [+]

(Updates prices, adds fresh comment, details)

MUMBAI, Dec 2 (Reuters) - India copper futures continued trading down on Tuesday as the demand outlook for base metals remained bleak, analysts said.

At 5.55 p.m., benchmark February copper MCCG9 on the Multi Commodity Exchange of India (MCX) was down 1.59 percent at 185.45 rupees per kg.

News that China's mineral-rich border region of Guangxi may consider purchasing base metals failed to support prices. [nPEK236115]

Prices, however had held up for a while in the previous session on news that China's Yunnan province would build a stockpile of base metals.

Copper prices have fallen over 50 percent from the year's high hit in July.

"Demand continues to be absent because of the global economic condition and so the bearish long-term trend remains intact for metals," said Somnath Dey, incharge, metals and energy research, Religare Commodities Ltd.

Copper stocks on the London Metal Exchange rose 1,825 tonnes to 293,025 tonnes on Tuesday.

Traders will be looking out for the U.S. auto sales data, due for later in the the day for further direction, analysts said.  Continued...

special coverage

Budget 2009
Budget 2009

The government presents the budget for the full fiscal year 2009/10 on July 6.  Full Coverage 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

SHOWCASE

Photo
Is the budget over-rated for personal finance?

Expectations are high given the outcome in the general elections.  Commentary 

 
Nilekani: Infosys' loss or govt’s gain?
Nilekani: Infosys' loss or govt’s gain?

Nandan Nilekani has resigned from the Infosys board to join the government.  Commentary | Slideshow 

 
Launched

Tata Motors announced the launch of Jaguar and Land Rover vehicles in India.  Slideshow | Video 

 
Satyam
The new Satyam

Stay updated with the developments at Satyam.  Full Coverage 

 
M&A Review
M&A Review

A review of mergers and acquisitions.  Full Coverage 

 
Financial Turmoil Timeline
Financial Turmoil Timeline

A round-up of measures taken by the U.S Federal Reserve since June 2007 to tackle the financial crisis.  Full Coverage