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  • End Session Commentary - Detailed News

Weekly Copper Review: MCX Futures Test Highs Above Rs 460 Per Kg
20-Jul-19   14:59 Hrs IST

COMEX Copper futures soared to two and half month high on weak US dollar and excellent buying support. The metal ended at $2.74 per pound, up 1.18% on the day. MCX Copper futures also edged up and tested highs above Rs 460 per kg. Asian demand trends are seen firm. Developing Asia will maintain strong but moderating growth over 2019 and 2020, as supportive domestic demand counteracts an environment of global trade tensions, according to a new Asian Development Bank (ADB) report. ADB maintained growth forecasts for developing Asia at 5.7% in 2019 and 5.6% in 2020 - unchanged from its April forecast. These growth rates are slightly down from developing Asia's 5.9% growth in 2018 but still good enough for Copper to push up the recent rally.

Meanwhile, China’s gross domestic product expanded a seasonally adjusted 1.6% on quarter in the second quarter of 2019, and was up from 1.4% in Q1, the National Bureau of Statistics said. On an annualized yearly basis, GDP climbed 6.2% and down from 6.4% in the three months prior. While this GDP reading turned out to be the weakest in nearly three decades, the other economic cues were decent. China’s retail sales advanced an annual 9.8% in June, up from 8.6% in the previous month. Fixed asset investment also advanced 5.8% on year, up from 5.6% a month earlier.

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