Copper sheds after China’s factory activity contracted

Copper sheds after China’s factory activity contracted

01/06/2017 15:41

Copper futures were trading lower during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal after a survey showed that manufacturing activity weakened in the world’s second-largest economy, China, in May for the first time in almost a year.

The Chinese business magazine Caixin said that its purchasing managers’ index (PMI) declined for a third month, slipping to 49.6 from April’s 50.3, in which numbers below 50 showed contraction.

At the MCX, copper futures for June 2017 contract is trading at Rs 366.25 per kg, down by 0.68 per cent, after opening at Rs 367.90, against a previous close of Rs 368.75. It touched the intra-day low of Rs 366.15 (at 15:31 hours).

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