Base Metals Preview: COMEX Copper Cracks Under $3 Levels

COMEX Copper futures extended losses, breaking under the critical $ 3 per pound levels to test a four month low on weakness in equities and global trade concerns. Chinas refined copper imports will fall for the third straight year in 2018 as domestic production picks up and consumption slows amid weaker demand from the real estate sector, an influential research house said last week, according to media reports. Antaike, research arm of the China Nonferrous Metals Industry Association, expects top copper consumer China to import 3 million tonnes of refined copper this year, down 7.5% from 3.243 million tonnes in 2017. MCX Copper futures closed down more than a percent at Rs 433.75 per kg after testing lows near Rs 432 mark.