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  • Pre Session Commentary - Detailed News

Base Metals Preview: Copper Eases From Five Week High
21-Nov-18   10:23 Hrs IST

COMEX Copper surged near seven week high after the US housing starts jumped by 1.5% to an annual rate of 1.228 million in October after plummeting by 5.5% to a revised rate of 1.210 million in September. However, massive amount of selling pressure in equities and crude oil hurt the metal and prices fell. The counter currently trades at $2.76 per pound, up 0.33% on the day. MCX Copper ended down 1.40% at Rs 435.20 per kg.

In other economic news, following September's sharp tumble of 22.49%, the latest figures from the Society of Motor Manufacturers and Traders (SMMT) show that October vehicle registrations in UK were down 2.9% year-on-year. The overall performance of the market is bleak this year with a 7.2% fall being noted in total registrations.

According to the minutes of the Monetary Policy Meeting of the Reserve Bank Board held earlier this month, the members noted that growth in Australia's major trading partners had been robust in 2018. Growth was expected to ease a little over the subsequent two years, but to remain above potential in 2019.

Although there had been little change to the Bank's outlook for trading partner growth over recent months, the latest forecasts had incorporated a small negative effect from recent tariff changes on growth in a number of economies, including the United States and some East Asian economies. Growth in the major advanced economies had remained above potential in 2018.

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