Copper futures drop on weak China data

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Copper futures were trading lower during the afternoon trade in the domestic market on Thursday as participants exited their positions in the industrial metal after China’s exports fell the most in seven months in September 2016, signalling further weakness in the world’s second biggest economy, clouding the demand outlook for copper.

 

Chinese overseas shipments fell by 10 per cent in September 2016 from a year ago. Weak physical demand for copper in the domestic spot market also played spoilsport. At the MCX, copper futures for November 2016 contract is trading at Rs 321.90 per kg, down by 0.65 %, after opening at Rs 323.10, against a previous close of Rs 324. It touched the intra-day low of Rs 321.05.


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