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MTECHTIPS;-Copper Under Stress On China Demand Worries

Monday, September 18, 2017 3:25

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MTECHTIPS;-Copper Under Stress On China Demand Worries

MTECHTIPS-Copper futures slipped further this week but managed to witness some buying as the Dow Jones ended at record highs. COMEX Copper futures have been falling after testing a three year high and the break under key $3 per pound level has been weighing on the market as well. Prices slipped yet again as Chinese demand worries stayed in place. The metal holds around $2.95 per pound levels. MCX Copper futures slipped under Rs 420 levels as selling pressure stayed in place on negative global cues and a firm undertone in Indian Rupee. China’s key economic data turned out to be tepid this week. Latest data showed that industrial output and retail sales unexpectedly slowed for a second consecutive month. Factor output rose by 6% in last month, the lowest recorded this year while the retails sales growth came in at 10.1%. The critical fixed asset investment data showed an increase of 7.8% in the January-August period, confirming a moderating economic trend. Recent data has also showed that China’s wrought copper and copper-fabricated products imports were unchanged in August on a monthly basis, while first-eight month imports recorded a 12% decline. China imported 390,000 tonnes of wrought copper and copper-fabricated products in August, the same amount as in July, but 11% higher compared with a year ago, according to preliminary Chinese customs data. From January to August, total shipments were 3.01 million tonnes, down 12.7% from a year ago, the data also showed, according to media reports

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