CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :16 October 2019
Base Metals Preview: Copper Eases As Three Month Highs Fail To Sustain
Copper
slipped yet again as three-week highs failed to hold on amid tepid global
economic outlook updates. International Monetary Fund (IMF) cut the growth
forecast for this year to 3% from 3.3% projected in April, in its latest World
Economic Outlook yesterday. This will be the lowest since the 2008-09 global
financial crisis. COMEX Copper is currently down 0.27% at $2.60 per pound.
Meanwhile, the US dollar edged up further as a recovery from three-week lows
extended and is currently up 0.04% at 98.30. MCX Copper futures ended down
0.36% at Rs 442.80per kg as highs above Rs 444 per kg failed to sustain.
In
other economic cues, the German investor confidence decreased slightly in
October, survey data from the ZEW - Leibniz Centre for European Economic
Research in Mannheim showed on Tuesday. The ZEW Indicator of Economic Sentiment
for Germany dropped to -22.8 from -22.5 in September. The reading remains below
its long-term average of 21.4. The current assessment indicator of the survey
fell by 5.4 points to -25.3, which is the lowest since April 2010. Japan's
industrial production declined in August as initially estimated, final data
from the Ministry of Economy, Trade, and Industry showed on Tuesday. Industrial
production dropped 1.2% month-on-month in August, reversing a 1.3% rise in
July.
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