Thin gains for Copper; Mcx crude tips & updates as on 5 Aug, 2015

Copper futures closed with mild gains in the domestic market on Tuesday after a rebound in Chinese shares calmed fears over a gloomy demand outlook in the world’s biggest metals consumer.

China’s benchmark index, the Shanghai Composite surged 3.69 per cent on Tuesday, snapping a three-day losing streak, after the country’s officials unveiled more measures to stem the steep stock market rout including curbs on short selling forcing traders to hold for at least a day.

However, a dip in US consumer confidence dampened the demand outlook for the metal, curbing gains in Copper. The gauge measuring US consumer sentiment fell to 46.9 in August from 48.1 in July.Click Here Mcx crude tips

Copper may rebound today as a pickup in services activity in the US bolstered the demand outlook for the industrial metal in the world’s biggest metals consumer.

At the MCX, Copper futures for August 2015 contract closed at Rs 333.90 per 1 kg, up by 0.10 per cent after opening at Rs 333.15, in against with the previous closing price of Rs 333.55. It touched the intra-day high of Rs 336.65.