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Commodity News Details
Copper Slides Near Two Week Low
16-Jul-2024 17:35
COMEX Copper slumped in last session and trades in a lax manner today as downbeat Chinese economic cues weigh on the sentiments. Investors await updates from China's Third Plenum for potential economic stimulus. China's Q2 growth moderated due to a property downturn and weak demand. China's Q2 GDP growth slowed to 4.7%, down from 5.3% in Q1, indicating a slowdown in economic activity. This pulled COMEX Copper down around 1.5% in the last session and the metal currently quotes down 0.50% at $4.50 per pound, nearing two week low. Equities were mixed in Asia before pulling down in Europe. China's Shanghai Composite index edged up marginally. Hong Kong's Hang Seng index lost 1.60%. Japan's Nikkei 225 index rose 0.20% amid bargain hunting after recent losses. European stocks eased. German DAX index fell 0.52% while French CAC dipped 0.70%. UK's FTSE100 dipped 0.22%.

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