Copper Slides On China Worries, Global Supplies Also Seen Comfortable MCX Copper futures for November are trading in a negative manner today, giving up on weak global cues as markets priced in the developments on US political front. US President Barack Obama signed the legislation passed by Congress to restore federal operations, fund the government through Jan. 15, and to raise the debt limit until the first week of February 2014. These developments boosted Dow by more than 200 points and the Asian stocks also edged up impressively. However, copper did not rally much on continued worries over China and COMEX Copper futures are trading at $3.2775 per pound, down 0.92% on the day. MCX Copper is quoting at Rs 449.25, down Rs 4.40 per kg or around 1% on the day. Chinas exporters face a difficult time in coming months as demand from emerging markets slows, the Chinese trade ministry warned today after the latest trade data showed sales to Southeast Asia slowed sharply in September, according to media reports. The countrys exports witnessed a drop of 0.3% year-on-year to $185.64 billion last month, while imports increased 7.4% to $170.44 billion. Chinas trade performance is a key element of the countrys economic growth. Meanwhile, the US House of Congress passed the Senate-crafted bill by a 285-to-144 margin. Federal employees were expected to return to their positions Thursday. Market sentiments worldwide had been concerned that the US could default on its debt obligations, resulting in a disruption of business activity and long-running efforts to encourage global economic growth. The World Bureau of Metal Statistics (WBMS) announced yesterday that the copper markets recorded a surplus of 195000 tonnes in January-August 2013. Copper markets were in surplus of 236000 tonnes in full year ending 2012. Copper stocks increased by 127000 tonnes from the end of 2012. The Copper mine production in January-August 2013 was 11.74 million tonnes, which was 6.6% higher than January-August 2012. Global refined production of Copper was 13.98 million tonnes, up 5.1% compared to the same period last year. Powered by Commodity Insights
Posted on: Thu, 17 Oct 2013 07:39:07 +0000
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