CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :18 SEPTEMBER 2019

Base Metals Preview: Copper Supported Amid Positive US Data

Supportive US economic data capped losses in Copper yesterday after the metal fell amid mixed equities. COMEX Copper extended a drop from six week top and slipped to $2.60 per pound before witnessing some buying in US trades. The commodity currently trades at $2.63 per pound, up 0.15% on the day. MCX Copper futures closed at Rs 451 per kg, down 1% on the day.

US industrial production climbed by 0.6% in August after edging down by a revised 0.1% in August, the Federal Reserve reported on Tuesday. The Fed noted factory output has increased 0.2% per month over the past four months after having decreased 0.5% per month during the first four months of the year. US homebuilder confidence improved in the month of September, reflecting low-interest rates and solid demand, the National Association of Home Builders reported on Tuesday. The report said the NAHB/Wells Fargo Housing Market Index inched up to 68 in September from an upwardly revised August reading of 67. With the uptick, the housing market index reached its highest level since a matching reading in October of 2018.

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