16-Dec-2024 17:08

COMEX Copper futures pulled back today as a slide under $4.20 per pound extended amid tepid equities. China's Shanghai Composite index added to latest losses and fell 0.16% while Hong Kong's Hang Seng index tanked 0.88%. Japanese Nikkei index ended flat. European markets eased with French CAC index down 0.70%. Meanwhile, the US stocks ended mostly lower in hoppy moves on Friday. The Dow dropped 0.2% - closing lower for the seventh consecutive session. COMEX Copper futures currently trade down 0.45% at $4.18 per pound - testing one week low. Market also stayed focused on cues from Chinese economy. China's retail sales rose by 3% in November from a year ago, according to National Bureau of Statistics data. That marked a sharp slowdown from 4.8% growth in the previous month. Retail sales in October had recorded the quickest growth since February, helped by the annual Singles' Day shopping festival that kicked off more than a week earlier than the event in 2023. The other data pointers from China were decent. China's November industrial production rose by 5.4% from a year ago, accelerating from a climb of 5.3% in the prior month. China's fixed asset investment during January to November 2024, showed an increase of 3.3 percent from the previous year. This was slightly weaker than the 3.4 percent expansion seen during January to October.

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