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Commodity News Details
Lax Chinese Economic Cues Pin Copper Down
15-Jul-2024 17:43
COMEX Copper futures drifted lower by more than half a percent, dragging away from around $4.60 per pound mark and giving up some of the latest gains. The metal had spiked around 2% on Friday amid supportive US equities. However, the current moves indicate that Copper is still locked up in a choppy rage amid Chinese demand worries. Data out of the top Copper consuming nation showed today that China's fixed asset investment rose 3.9% on year, easing from 4% a month earlier. China's House prices were also down 4.5% on year after slumping 3.9 percent in May. On a broad level, China's second-quarter GDP rose by 4.7%, worsening from 5.3% rise in the first quarter. These data weighed down Copper and MCX Copper futures are trading at Rs 865.40 per kg, down 0.33% on the day. The counter tested a low of Rs 860 per kg in intraday moves.

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