Today, prices of Copper fell down by 0.35 per-cent after producing activity in the US(United States)contracted at the fastest pace since July 2009 in Nov, dampening optimism over the strength of the economy and fanning hopes the Fed Reserve could delay increasing interest rates until upcoming year.
The Institute for Supply Management said its index of purchasing managers fell to 48.6 previous month from a reading of 50.1 in Oct. At the MCX, copper futures for February 2016 contract were trading at Rs.309.25 per 1 kg, down by 0.35 per-cent, after opening at Rs. 310.05 against the previous closing price of Rs. 310.35. It touched the intra-day low of Rs. 308.50 till the time of trade. (At 4.30 PM today).
Moreover, losses were limited due to the sharp decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell down by 3825 metric tonnes to 239200 metric tonnes as on Dec 2, 2015.
Read More : mcx copper tips
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