CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : : 01 August2019

Capitalstars Investment Advisor

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• Base Metals Preview: Copper Slippery, COMEX Futures Test Three Week Low

COMEX Copper futures extended losses as global markets tracked Fed policy decision. Copper was unimpressed by the comments from Fed Chief Jerome Powell as he signaled that the rate cut is not the start of a trend. The Fed said it decided to lower the target range for the federal funds rate to 2 to 2.25%, down 25 basis points. Weak economic cues also weighed on the metal and the COMEX futures tested near three week low of $2.65 per pound. MCX Copper also stayed lax and ended modestly lower at Rs 444 per kg. China manufacturing sector continued to contract in July, with a manufacturing PMI score of 49.7, the latest survey from the National Bureau of Statistics showed. This was from 49.4 in June, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction. China's non-manufacturing index fell to 53.7 from 54.2 in June. The composite index came in with a score of 53.1, up marginally from 53.0 in the previous month. Euro area gross domestic product grew 0.2% sequentially in Q2, following the first quarter's 0.4% expansion, preliminary flash estimate from Eurostat showed. Euro area economic growth on yearly basis eased to 1.1% from 1.2%

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