Golden Investment Research Private Limited
Copper prices fall by 0.17%
Date : 06.02.2012
Copper prices fell on Monday as investors were cautious ahead of a looming deadline for Greece to accept the terms of a new bailout deal, offsetting encouraging U.S. jobs data. At the MCX, copper futures for February 2012 contract were trading at Rs. 418.65 per 1 kg, down by 0.17%, after opening at Rs. 419.20 against the previous closing price of Rs. 419.35. It touched the intra-day low of Rs. 417 till the trading. (At 10.38AM today).
On Saturday, the prices had declined as a result of the slow Chinese demand for the metal and on worries about the Greece's debt deal. China's January's PMI survey confirmed the still weak growth momentum of manufacturing activities into the New Year. Purchasing Managers' Index (PMI) rose 0.2 percentage point month-on-month to 50.5
At COMEX, copper futures for March 2012 contract traded at US$3.8780 per pound, down by 0.60 per cent. It opened at US$3.9015 against the previous closing price of US$3.9015. It touched the intra-day low of US$3.8710 till the electronic trading. (At 11.12 am IST).
While Chile accounts for 34% of the total world copper mine production, Peru, USA, China, Australia and Indonesia, together are responsible for around 32%.
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