COMEX Copper stayed weak yesterday, testing near two week low of $2.67 per pound amid tepid movement in equities and soft economic data releases. China's credit growth slowed sharply in October, indicating that the economy might be on a continued moderation path. While October is typically a slow month for Chinese credit, growth in key gauges such as total social financing and money supply fell to record lows. Chinese banks extended 697 billion yuan in net new yuan loans in October, latest central bank data showed.

Germany's economy contracted at a sharp pace in the third quarter, marking the first decline since the first three months of 2015, preliminary figures from the Federal Statistical Office showed on Wednesday. Gross domestic product declined a seasonally adjusted 0.2% in the three months to September, after expanding 0.5% in the second quarter. Japan’s economy contracted in the third quarter on natural disasters and a decline in exports. GDP contracted by 1.2% following 3% annualized growth in the previous quarter.

However, a slightly weak undertone in US dollar capped losses for the metal and the counter currently trades at $2.71 per pound, up marginally on the day. MCX Copper ended up 0.23% at Rs 432.50 per kg and should see a choppy movement today as lows around Rs 430 could continue to offer some buying support.

Powered by Commodity Insights