COMEX Copper futures edged up from lowest levels in one and half weeks yesterday but pared bulk of these gains amid US dollar strength and a massive slide in global crude oil futures. Traders are expecting steady undertone to broadly prevail on the Chinese demand front. The IMF noted in a latest update yesterday that while China's growth gathered momentum in 2017, rebalancing was uneven and decelerated along many dimensions reflecting the temporary factors behind the growth pickup. Going forward, rebalancing is expected to proceed as these temporary factors recede, but elevated income inequality and leverage will remain a challenge. The authorities are already pursuing several pro-rebalancing policies which could be expanded to support each dimension of rebalancing while reducing trade-offs between them. These cues are triggering buying by funds at lower levels. Copper futures are trading at $2.67 per pound, down 0.17% on the day amid steady moves in Asian equities. MCX Copper futures ended at Rs 430 per kg, down 0.34% on the day after hitting highs around Rs 440 in intraday moves. Powered by Commodity Insights
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