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MTECHTIPS:-Copper falls from 2-week high after raft of China data
MTECHTIPS:-Copper falls from 2-week high after raft of China data
Copper prices fell from the previous session’s two-week top on Thursday, after a flurry of Chinese economic data came in broadly in line with market expectations. On the Comex division of the New York Mercantile Exchange, copper for July delivery lost 3.1 cents, or 1.12%, to trade at $2.716 a pound during European morning hours. A day earlier, copper rose to $2.767, the most since May 29, before ending at $2.747, up 3.3 cents, or 1.22%.
Futures were likely to find support at $2.682, the low from June 8, and resistance at $2.767, the high from June 10. Official data released earlier showed that industrial production in China rose by an annualized rate of 6.1% in May, just above expectations for a 6.0% increase and following a gain of 5.9% in the preceding month. A separate report showed that fixed asset investment fell short of forecasts, indicating that China needs to act to prevent a further slowdown in the economy. China’s economy grew at the slowest pace in six years in the first quarter, underling speculation policymakers will have to introduce further easing measures to jumpstart the economy amid lackluster growth.
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