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Commodity News Details
Copper Slumps To Six Week Low
18-Jun-2024 18:32
COMEX Copper futures fell today, adding to recent set of losses amid sustained worries on Chinese demand and rising inventories globally. China's industrial production growth slowed, official data revealed on Monday. Industrial production growth decelerated to 5.6 percent in May from 6.7 percent in April, the National Bureau of Statistics reported. The retail sales posted a faster expansion of 3.7 percent annually after rising 2.3 percent in April. However, in another key data, in the first five months of 2024, fixed asset investment increased 4.0 percent from the previous year, slower than the 4.2 percent rise posted in January to April period. This pulled Copper lower, dragging it under $4.40 per pound mark. The counter currently trades at $4.38 per pound, down 1.30% on the day and is around six week low.

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