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Commodity News Details
Copper slides 1% after hitting two week top, Chinese economic cues remain weak
16-Aug-2024 17:23
COMEX Copper futures are pulling back today after latest winning spree. The metal soared nearly 3% yesterday to hit a two week high as a break above $4 per pound extended amid firm US equities. However, soaring LME inventories and worries over Chinese economy capped the metal today and COMEX Copper futures are currently trading at $4.10 per pound, down around 1% on the day. Latest data showed that China's industrial production saw another slower growth in July. Industrial production posted a 5.1% yearly growth in July, weaker than June's 5.3% increase. The country's unemployment rate rose to 5.2% in July from 5% in June. MCX Copper futures edged up near Rs 803 per kg before easing today and currently trade up 1.43% at Rs 796.40 per kg. The metal saw a gap up opening following Independence Day holiday yesterday.

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