Base Metals Preview: Copper Sees Staggered Recovery

A staggered recovery emerged in Copper yesterday as three month lows triggered some bargain buying. Chinas industrial profits rose strongly in the first two months of the year, but the pace of growth eased from last year, data from the National Bureau of Statistics showed Tuesday. Industrial profits gained 16.1% year-over-year in the January to February period. However, the rate of earnings growth decelerated markedly from a 31.5% jump recorded in the same period of 2017. Earnings at state-owned firms surged 29.6% during the period and private firms profits registered an increase of 10%. COMEX Copper is hovering just around $ 3 per pound levels right now, up marginally on the day. MCX Copper futures ended at Rs 431 per kg, up 0.54% on the day after hitting highs above Rs 434 levels.