11 Sep 2013

MCX Copper futures end lower as investors eye Fed outcome

Copper futures closed lower in the domestic market on Wednesday as investors remained jittery ahead of the outcome of the US Federal Reserve’s two-day monetary policy meet slated to take place next week where the central bank may decide to scale back record stimulus, clouding the demand outlook for industrial metals. However, easing worries that the Syria conflict may spread and hurt the global economy, supported the base metal. An improving economic outlook in China, the world’s biggest metals consumer also brightened the demand outlook for copper, curbing gains in the base metal. Deutsche Bank raised China’s Q3 2013 economic growth estimate to 7.9 per cent from 7.7 per cent estimated earlier. At the MCX, copper futures for November 2013 contract closed at Rs. 464.85 per 1 kg, down by 0.51 per cent, after opening at Rs. 469.45, against the previous closing price of Rs. 467.25. It closed an intra-day low of Rs 463.70.

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