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Base Metals Preview: Rising LME Inventories Could Weigh On Copper
(19-Aug-2019, 00:39 Hours IST)
COMEX Copper soared to two week high of $2.64 per pound but slipped today as continued economic worries hurt the sentiments. Singapore economy, a good indicator of global growth is set to see weaker growth this year as deepening trade disputes and slow global growth weigh on the city-state. Singapore economy is forecast to expand in the range of 0.0 to 1.0% this year instead of 1.5 to 2.5% estimated previously, the Ministry of Trade and Industry said. These cues pulled the metal back under $2.60 per pound. MCX Copper also failed to convincingly hold above Rs 450 per kg levels and closed around Rs 446.50 per kg. LME Copper warehouse stocks also jumped near one month high, keeping the metal under check.

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