CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :23 SEPTEMBER 2019
Base Metals Preview: Copper Slips Near One Week Low
COMEX Copper futures slipped to one week low. The metal
ended lower on Friday amid corrective action in DOW, shedding 0.67% to close at
$2.59 per pound. US economic growth is continuing at a solid rate despite the
US-China trade war, Boston Federal Reserve President Eric Rosengren has noted
that it is not necessary and potentially risky for the central bank to lower
interest rates. Rosengren, who has voted against the last two interest rate
cuts by the Fed, explained his decision in a speech at the Stern School of
Business at New York University on Friday. Meanwhile, the People's Bank of
China set the one-year lending rate at 4.20% compared to 4.25% in August. The
five-year lending rate was maintained at 4.85%. Germany's producer prices grew
only 0.3% year-on-year, slower than the 1.1% increase in July, data from
Destatis revealed Friday. Copper had recently hit a six week high but has failed
to sustain thereafter. MCX Copper ended down 0.90% at Rs 443.50 per kg in the last
session as a slide under Rs 450 extended.
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