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  • Pre Session Commentary - Detailed News

Base Metals Preview: Copper Set To Correct From Two Week High
16-Jul-19   09:02 Hrs IST
Copper is showing signs of correction after hitting two week highs of $2.72 per pound. China's unwrought copper imports in June fell 27.2% from a year earlier, official data showed that as a slowdown in the world's second biggest economy continues to weigh on demand for the metal. Arrivals of unwrought copper were 326,000 tonnes last month, the General Administration of Customs said, down 9.7% from 361,000 tonnes in May and the lowest since February. For the first half of 2019, unwrought imports were 2.27 million tonnes, down 12.5% from a year earlier, the data showed. Equities are mixed in Asia and Copper is down 0.18% at $2.71 per pound. MCX Copper closed up half a percent at Rs 445.25 per kg and could witness some selling pressure today.

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