SHANGHAI COPPER REMAINS EASING ON WEAK PHYSICAL DEMAND
DATE: 24/04/2012
Physical demand for Copper in Chinese markets is quite weak these days, last week the inventories showed a heavy decline from Shanghai warehouses which many believe were for export purposes rather than any material demand. The sluggishness of China PMI has put further pressure on the lukewarm Copper. China industrial activity remained below 50 and ended at 49.1 for the month of April as against 48.3 in the month of March.
European demand has already frightened the investors of metals and now with dejection from Chinese PMI side the matter has become worse. Last week, Shanghai inventories showed a decline of 10657 tonnes to 211170 tonnes on 20 April 2012.
Shanghai Copper most active July contract is trading at 57450 yuan per tonne, down 220 yuan per tonne. LME three month Copper forwards were marginally higher at $ 8060 per tonne, up $ 11 from last night.
POWERED BY: COMMODITY INSIGHTS
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