MTECHTIPS;-Copper Failing To Hold On, Likely To Ease Ahead Of Weekend

MTECHTIPS;-Copper Failing To Hold On, Likely To Ease Ahead Of Weekend

MTECHTIPS-Copper futures slipped further yesterday but managed to witness some buying as the Dow Jones ended at record highs. COMEX Copper futures have been slipping after testing a three year high and the break under key $3 per pound level has been weighing on the market as well. Prices slipped yet again in Asia as Chinese demand worries stayed in place. The metal currently trades at $2.95 per pound, down 0.24% on the day. MCX Copper futures closed down 0.62% at Rs 421.55 per kg yesterday and can slip under Rs 420 levels yet again today as selling pressure might continue ahead of weekend.
China’s economic data turned out to be tepid yesterday. Latest data showed that industrial output and retail sales unexpectedly slowed for a second consecutive month. Factor output rose by 6% in last month, the lowest recorded this year while the retails sales growth came in at 10.1%. The critical fixed asset investment data showed an increase of 7.8% in the January-August period, confirming a moderating economic trend. Data out last week showed that China’s wrought copper and copper-fabricated products imports were unchanged in August on a monthly basis, while first-eight month imports recorded a 12% decline. China imported 390,000 tonnes of wrought copper and copper-fabricated products in August, the same amount as in July, but 11% higher compared with a year ago, according to preliminary Chinese customs data. From January to August, total shipments were 3.01 million tonnes, down 12.7% from a year ago, the data also showed, according to media reports

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