CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :27 SEPTEMBER 2019

Base Metals Preview: COMEX Copper Tests Three Week Low

COMEX Copper futures slipped on continued profit selling pressure as worries over broad economic growth weighed on the sentiments. Asian Development Bank (ADB) stated that growth in developing Asia remains robust but is now expected to moderate more than forecast in Asian Development Outlook 2019. The latest update form the bank projects that the region will grow by 5.4% this year, or 0.3 percentage points below its April forecast and that growth will edge up to 5.5% next year, or 0.1 points lower than earlier forecast. Along with the weakening trend in trade, the region suffered slower growth in domestic investment. The contribution of investment to GDP growth fell in the first quarter of 2019 and is expected to continue declining throughout this year.

Meanwhile, the US gross domestic product in the second quarter increased at an annual rate of 2.0 in the second quarter, unchanged from the previous estimate, the Commerce Department said in its final report on Thursday. The unrevised 2% GDP growth in the second quarter still reflects a notable slowdown compared to the 3.1% jump in the first quarter. Sentiments stayed weak for Copper amid these cues and COMEX Copper slipped to three weeks. The red metal is currently up marginally at $258 per pound. MCX Copper futures closed at Rs 441.50 per kg in the last session, down 1.30% on the day. Local futures fell further as Indian Rupee firmed up amid a good recovery in local stocks. The INR closed at 70.88 per US dollar, up 16 basis points.

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