Base Metals Preview: Copper Hits Seven Month High

Base Metals Preview: Copper Hits Seven Month High

Dec 13, 2019 03:12 IST capital market

COMEX Copper jumped to seven month high on US-China trade deal optimisim. The metal broke above $2.80 per pound and currently lingers at $2.82 per pound, up 0.39% on the day. MCX Copper futures closed flat around Rs 442 per kg. On the economic front, the other cues were mixed. The US Labor Department said its producer price index for final demand was flat in November after climbing by 0.4% in October. European Central Bank on Thursday kept its main deposit rate at negative 0.5%, a move that was anticipated by analysts. The ECB also kept its asset purchase program at 20 billion euros per month.

Eurozone industrial production decreased for the second straight month, largely driven by weak capital goods output in October, data from Eurostat showed Thursday. Industrial output dropped 0.5% in October from September, when production was down 0.1%. Total value of core machine orders in Japan was down a seasonally adjusted 6% on month in October, the Cabinet Office said on Thursday - coming in at 798.8 billion yen, following the 2.9% decline in September.

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