First-time claims for unemployment benefits in US registered a minor decline. The report said initial jobless claims dropped to 346000, a decrease of 11000 from the previous week's revised figure of 357000. In other news, Governing Council led by ECB President Mario Draghi maintained the main refinancing rate at a record low 0.50 percent, in line with economist's expectations.
The move came after a quarter-basis point reduction in May, the first rate cut in nine months. The bank also held the marginal lending facility rate at 1.50 percent, following a 50 basis points cut last month. The zero deposit rates was also left unchanged.
New orders in the German manufacturing sector fell more-than-expected in April as the ongoing economic crisis continued to weaken demand in the Eurozone, raising fears that the domestic economy might not sustain first quarter's modest recovery.
Factory orders declined 2.3 percent sequentially in April, reversing the previous month's 2.3 percent increase, the Ministry of Economics and Technology said Thursday. The decline was faster than the 1 percent drop economists had forecast.
MCX Copper corrected by 1.75 percent to end at Rs 416.9 per kg. The prices tested a high of Rs 423.75 and a low of Rs 416.55 per kg. Further downfall is possible that can take prices close to Rs 414 and 413 per kg. Resistance for the contract is at Rs 425 per kg.
Source by Commodity Insights
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