Weak US Consumer Data Bites Copper

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Copper futures fell on Wednesday as investors and speculators exit positions in the industrial metal amid weak physical demand for copper in the domestic spot market. Further, US consumer confidence fell in October, signalling a slowdown in the world’s biggest economy, clouding the demand outlook for metals.

 

 The gauge measuring US consumer confidence fell to a three-month low of 98.6 in October from a revised 103.5 in September. At the MCX, copper futures for November 2016 contract is trading at Rs 315.95 per kg, down by 0.41 per cent, after opening at Rs 315.9, against a previous close of Rs 317.25. It touched the intra-day low of Rs 315.4.

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