Base Metals Preview: Copper Off Three Month High

Base Metals Preview: Copper Off Three Month High

Nov 11, 2019 03:11 IST capital market

Copper slipped from three month high as the US dollar surged. COMEX Copper ended around $2.68 per pound, extending losses after falling under $2.70 per pound. MCX Copper eased after hitting around Rs 446 per kg mark. Losses were curbed in local markets as the Indian Rupee slipped, extending a slide from one month high. INR closed at 70.26 per US dollar, down 31 paise on the day. INR was hurt after Moodys Investors Services lowered Indias rating outlook to negative citing growth concerns. The US Dollar index jumped to a three week high of 98.24 as a latest rally continued.

Meanwhile, Chinas copper imports tumbled 3.1% in October from the previous month, customs data showed on Friday. Arrivals of unwrought copper, including anode, refined and semi-finished copper products into China, were 431,000 tonnes last month compared to 445,000 tonnes in September. However, the latest data marked 1.9% gain from October 2018.

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