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Weekly Copper Review: COMEX futures hit one week high but tepid Chinese cues weigh
30-Nov-2024 14:50
COMEX Copper futures edged up to around one week high of $4.17 per pound last week as a sustained drop in LME Copper inventories. Equities were mostly steady in last few days with US indices hitting record highs. The metal is down around 4.5% in November though, falling throughout after starting the month around $4.40 per pound mark. Chinese data remains mixed. China's industrial profits declined at a slower pace in October, official data showed. Industrial profits posted an annual decline of 10 percent on a yearly basis in October. This follows a sharp 27.1 percent decrease in September. However, overall outlook for the economy is still foggy after the Ministry of Finance approved a CNY 10 trillion fiscal package to bolster economic growth recently. The package was intended to refinance debt of local governments.

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