MTECHTIPS Copper slips on China mfg data, await German PMI, US job data

MTECHTIPS:-Copper slips on China mfg data, await German PMI, US job data

Copper futures in the global market fell as Chinese manufacturing shrunk for the first time in seven months.Copper futures on Globex division of Comex was seen trading down by 1.23% at $3.326 per pound as of 10.27 AM IST on Thursday.Copper futures on India's Multi Commodity Exchange (MCX) for June delivery was seen trading down by 1.24% at Rs.411.70 per kilogram as of 10.27 AM IST on Thursday.The German Manufacturing Purchasing Managers' Index (PMI) and US jobless claims data are scheduled to be released later today and investors may get clues for their trading. China Purchasing Managers’ Index (PMI) for May has retreated into territory of contraction with HSBC Flash China Manufacturing PMI providing a reading of 49.6 compared to 50.4 in April The May readings are at a seven-month low. Flash China Manufacturing Output Index meanwhile prevailed at 51.0 compared to 51.1 in April, a three-month low. A PMI reading of below 50 is indicative of contraction in the economy.