Thin Gains In Copper Futures

Mcx Copper Tips

Copper futures were trading with slim gains during late morning trade in the domestic market on Tuesday as investors weighed a violent stock market sell-off in China, the world’s biggest metals consumer that threatened to slow economic growth and cut demand for industrial metals. On Tuesday, Chinese shares sank 3 % after posting the biggest one-day slide in eight years on Monday, down 8.5 per cent, raising fears that the government’s recent efforts to prop up the country’s stock market won’t be sustained without a pickup in growth.

However, upbeat US factory data offered some support to the base metal as capital spending rebounded in June, brightening demand prospects. Bookings for US non-military capital equipment excluding aircraft, a proxy for business investment, increased 0.9 % in June from May, when they declined 0.4 % while overall durable goods orders rose 3.4 per cent.

At the MCX, Copper futures for August 2015 contract is trading at Rs 336.60 per 1 kg, up by 0.13 per cent after opening at Rs 337, against the previous closing price of Rs 336.15. At 11' O Clock It gains the intra-day high of Rs 337.75.