Copper Lowest In 18 Months On Weaker Chinese Data

Copper......
LME three month Copper forwards declined to the lowest levels in 18 months after weaker than expected manufacturing data in China and US. LME Copper three month prices declined by $ 210 per tonne to settle at $ 6906 per tonne on 1 May 2013. Meanwhile, COMEX Copper contract declined by 10.50 cents, or 3.3%, to settle at $3.0825 a pound on the Comex division of the New York Mercantile Exchange.
Indian Copper prices declined by Rs 13 per kg to settle at Rs 367.95 per kg. The prices tested a intraday low of Rs 366 per kg. Further declines can take Copper towards Rs 355 per kg. Resistance for the contract is at Rs 370 per kg.
China Purchase Manager Index (PMI) declined to 50.6 in April from 50.9 in March. Meanwhile, U.S. manufacturing activity slowed to 50.7 in April from 51.3 in March, according to data from the Institute for Supply Management.
In another report, the International Copper Study Group said copper supply exceeded demand by 70,000 metric tons in January. The ICSG forecast that global copper consumption fell by 6% in January from a year earlier, with Chinese demand down 6.8% as net imports of copper declined.
Source by Commodity Insights