Copper futures fell to the lowest level since October 2011 during European morning hours on Tuesday, as weak manufacturing data out of China and Germany added to concerns over the global economic outlook.
Copper is sensitive to the economic outlook because of its widespread uses in construction and manufacturing.
On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.082 a pound during European morning trade, down 1.6% on the day.
New York-traded copper prices fell by as much as 2% earlier in the session to hit a daily low of USD3.059 a pound, the weakest level since October 5, 2011.
China’s HSBC Flash Purchasing Managers Index, the earliest indicator of the country's industrial activity, fell to a two-month low of 50.5 in April from a final reading of 51.6 in March.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
Data also showed that Germany’s manufacturing purchasing managers’ index fell to a four-month low of 47.9 in April from a final reading of 49.0 in March.
Prices came under additional pressure after Wall Street investment bank Goldman Sachs cut its three-, six- and 12-month price forecast for the industrial metal, citing China concerns and bearish indicators.
Copper prices have been under heavy selling pressure in recent sessions, as investors exited the market amid worries about the economic outlook in top copper consumers China and the U.S.
Prices of the red metal are down more than 23% since hitting a recent high of USD3.978 a pound hit in February 2012, meeting the standard for a bear market.
Elsewhere on the Comex, gold for June delivery shed 0.4% to trade at USD1,415.65 a troy ounce, while silver for May delivery tumbled 2.5% to trade at USD22.74 a troy ounce. - investing.com
Copper is sensitive to the economic outlook because of its widespread uses in construction and manufacturing.
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| www.orangecommodities.com |
On the Comex division of the New York Mercantile Exchange, copper futures for May delivery traded at USD3.082 a pound during European morning trade, down 1.6% on the day.
New York-traded copper prices fell by as much as 2% earlier in the session to hit a daily low of USD3.059 a pound, the weakest level since October 5, 2011.
China’s HSBC Flash Purchasing Managers Index, the earliest indicator of the country's industrial activity, fell to a two-month low of 50.5 in April from a final reading of 51.6 in March.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
Data also showed that Germany’s manufacturing purchasing managers’ index fell to a four-month low of 47.9 in April from a final reading of 49.0 in March.
Prices came under additional pressure after Wall Street investment bank Goldman Sachs cut its three-, six- and 12-month price forecast for the industrial metal, citing China concerns and bearish indicators.
Copper prices have been under heavy selling pressure in recent sessions, as investors exited the market amid worries about the economic outlook in top copper consumers China and the U.S.
Prices of the red metal are down more than 23% since hitting a recent high of USD3.978 a pound hit in February 2012, meeting the standard for a bear market.
Elsewhere on the Comex, gold for June delivery shed 0.4% to trade at USD1,415.65 a troy ounce, while silver for May delivery tumbled 2.5% to trade at USD22.74 a troy ounce. - investing.com
BUY KPIT ABOVE 160 T1 161.50 T2 163 SL 158
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