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As on: Jun 27, 2019 05:36 AM
Weekly Copper Review: Supportive Chinese Trade Data Boosts Red Metal
13-Apr-19   14:54 Hrs IST
COMEX Copper cut losses and soared sharply as China's copper concentrate imports were reported at 1.77 million tonnes in March, up 10.60% over the same month last year, according to the General Administration of Customs data. The red metal also eyed a generally strong foreign trade data from China as Chinese export growth rebounded to a five-month high. The red metal had tumbled earlier in the week after the International Monetary Fund (IMF) downgraded the economic outlook for 2019 indicating a slowing global economy and urging leaders to be careful in what it called a delicate moment. The fund's updated forecast calls for 3.3% growth this year -- down from 3.5% in January. The IMF added that it expects the economy to expand by 3.6% in 2020. Higher trade policy uncertainty and concerns of escalation and retaliation would reduce business investment, disrupt supply chains, and slow productivity growth, says the fund. COMEX Copper finally ended up 1.90% at $2.94 per pound on Friday. MCX Copper futures also added around 2% and closed at Rs 451 per kg.

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