CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : : 07 August 2019
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| Capitalstars Investment Advisor |
Base Metals Preview: COMEX Copper Rebounds From 26 Month Low
A recovery in risky assets pushed up COMEX Copper yesterday. The metal had dropped to around 26 month low on Monday as the Wall Street suffered its worst decline this year. However, good bargain hunting emerged in the commodity yesterday and the metal rose around 0.75%. MCX Copper futures closed at Rs 439.90 per kg, up 0.49% on the day.
On the economic front, the German factory orders rebounded 2.5% month-on-month in June, reversing a revised 2% drop in May, data from Destatis showed Tuesday. The increase was driven by a 5% rise in foreign orders. New orders from the euro area were down 0.6%. On the other hand, new orders from other countries grew 8.6%. On a yearly basis, factory orders declined 3.6% in June but much slower than the 8.4% decrease seen in May.
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