Copper.......
Copper is trying to gain momentum after a slack Thursday trades that
has taken the prices to a six week low. The metal closed at $ 7093 per
tonne, down $ 27 per tonne. The prices are trading with gains in Asian
trades on Friday at $ 7121 per tonne.
US Dollar was trading
higher against the Euro at 1.3346, up 25 pips. Indian Rupee was trading a
bit higher after the all time lows brought some bottom fishing in the
metal. The Rupee was trading at 57.72, down 0.37 percent.
Indian
Copper prices ended at Rs 408.3 per kg, down 0.78 percent. Battery
material lead was the most underperforming metal in the pack with prices
paring 1.2 percent to close at Rs 120.95 per kg.
Shanghai Copper
benchmark prices were still trying to mitigate with losses with prices
at 51700 yuan per tonne, down190 yuan per tonne. This is the second
straight day when Copper has opened in losses in China after resuming
trades.
In economic report, the U.S. Commerce Department said
retail sales rose 0.6 percent last month after rising just 0.1% in
April. Economists expected an increase of 0.4 percent. Core sales
excluding automobiles, gasoline and building materials, rose 0.3 percent
in May after 0.2 percent increase in April.
The Labor Department
said initial claims for jobless benefits fell by 12000 last week to
334000. The less volatile four-week moving average fell by 7250 to
345250.
Source by Commodity Insights
No comments:
Post a Comment