Copper futures extended losses today as a rather choppy undertone in equities clubbed with worries about the US auto sector demand hurt the sentiments. COMEX Copper futures have been slipping after testing a three year high and currently trade at $2.99 per pound, down 1.25% on the day. Prices have taken a backseat after the recent Chinese imports data raised plenty of concerns about the near term demand outlook from the economic giant. MCX Copper futures are down nearly 2% at Rs 422.75 per kg.
China’s unwrought 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 unwrought 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 released last week. 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.
The Federal Reserve in its Beige Book last week noted concerns about a prolonged slowdown in the auto industry and said it was too soon to gauge the impact of Hurricane Harvey on the broader economy. Without offering specifics, the Beige Book said Hurricane Harvey created broad disruptions to economic activity along the Gulf Coast in the Dallas and Atlanta Districts.
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