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
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