CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :12 SEPTEMBER 2019

Base Metals Preview: Copper Recovers, Economic Cues Mixed

COMEX Copper fell to around one week low yesterday before recovering as the US equities hit one month high on signs of easing trade tensions between the US and China. The commodity currently trades at $2.64 per pound, up 1% on the day. MCX Copper futures closed down 0.70% at Rs 450.45 per kg. Expect some recovery in the counter today.

Economic cues were mixed. Chinese banks extended 1.21 trillion yuan in new loans in August, up from 1.06 trillion yuan the previous month and compared with 1.28 trillion yuan a year earlier. Household loans in China, consisting of mostly mortgages, rose to 653.8 billion yuan in August from 511.2 billion yuan in July, while corporate loans jumped to 651.3 billion yuan from 297.4 billion yuan.

The German economy is facing one of the weakest years since the financial crisis. The economic researchers at the Kiel Institute expected German gross domestic product to grow by only 0.4% in 2019, 0.2 percentage points less than previously forecasted. However, the economy should pick up again in the middle of next year. German economic outlook has been adversely affected by the political uncertainty caused by trade conflicts and the Brexit crisis, with investment and exports coming under particular pressure. In addition, there are cyclical factors due to the previous long upswing, noted the Kiel Institute.

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