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MTECHTIPS:- Copper Futures Lower Amid Persistent Concerns From China and US

MTECHTIPS:- Copper Futures Lower Amid Persistent Concerns From China and US


Copper futures were lower in amid persistent worries about China’s cooling economy and risk-aversion in the run-up to the US Federal Open Market Committee meeting this week, factors that are putting pressure on demand. The industrial metal fell yet again on Tuesday after data released by the Chinese National Bureau of Statistics over the weekend showed that factory production and fixed-asset investment was below analysts’ expectations in August. This reignited fears about the state of the top metal consumer’s economy. Already run up Copper is expected to show bearish moves as there was very little backing for the rally that was seen last week. Red metal gained sharply but as the Federal Reserve meet has again come in limelight the expectations of the rally to continue has died. The FOMC begins its two-day meeting on Wednesday, which could potentially see it raise interest rates for the first time in almost a decade. This would strengthen the dollar and negatively affect dollar-denominated commodities, such as copper. MCX Copper was trading at Rs 356.80 per kg, down 0.22%. The prices tested a high of Rs 359.95 per kg and a low of Rs 355.5 per kg.

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