Base Metals Preview: Copper Weighed Down By Global Economic Worries

COMEX Copper futures lingered near a one month low on sustained global growth worries and poor economic data. The metal currently trades at $2.54 per pound, down 0.55% on the day. MCX Copper futures closed to Rs 436 per kg, down 0.60% on the day. The ISM said its US non-manufacturing index dropped to 52.6 in September – around three years low after rising to 56.4 in August. Commerce Department said factory orders edged down by 0.1% in August after surging up 1.4% in July.

Euro zone private sector expanded at the slowest pace in more than six years in September, final data from IHS Market showed Thursday. The final composite output index fell to 50.1 in September from 51.9 in August, sliding even below the flash estimate of 50.4. Manufacturers logged the sharpest fall in output for nearly seven years in September. The services Purchasing Managers' Index came in at 51.6, down from 53.5 in the previous month.


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