CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :26 SEPTEMBER 2019

Base Metals Preview: Copper Consolidates Around $2.60 Per Pound

COMEX Copper futures slipped on continued profit selling pressure as worries over Asian economic growth weighed on the sentiments. However, rising US equities capped the losses for the metal. Asian Development Bank (ADB) stated today 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. Excluding high-income newly industrialized economies, the region is expected to grow by 6.0% this year and next. 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. Inflation should pick up slightly but remain subdued. COMEX Copper has pulled back after a modest recovery in last session and currently lingers just above its three week low. The red metal is currently up marginally at $2.61 per pound. MCX Copper futures closed flat at Rs 447.20 per kg in the last session.

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