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As on: Jul 16, 2019 01:29 PM
Base Metals Preview: Copper Falls Sharply On Chinese Data
15-Mar-19   10:10 Hrs IST
COMEX Copper futures tumbled yesterday on weak Chinese economic data. The red metal had edged up earlier this week on media reports that major global producer Codelco is facing delays in bringing back refined copper smelting at its Chuquicamata plant. However, the commodity fell sharply today. China's industrial output rose by 5.3% year on year in the first two months, narrowing from 5.7% growth in December 2018, the National Bureau of Statistics said Thursday. This data marked 17-year low for the measure. COMEX Copper futures fell around 1.40% yesterday before witnessing some support. The metal quotes at $2.90 per ounce, up 0.60% on the day. MCX Copper futures ended sharply lower after breaking under Rs 450 per kg levels. Expect a choppy movement in the counter today.

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