COMEX Copper Slips, Local Futures Supported On Weak INR

COMEX Copper slipped today amid mixed global equities. Weak economic data capped the upside for the metal after the recent rally. The metal remained in a choppy mood in Europe after Eurozone gross domestic product grew 0.4% sequentially in the first quarter, slower than the 0.7% expansion seen a quarter ago, according to a flash estimate from Eurostat. On a yearly basis, GDP growth slowed to 2.5%, from 2.8% a quarter ago. Earlier in the day, data from China showed that China industrial output rose 7% on year in April, up from 6% in March. However, the Chinese retail sales increased by 9.4%, down from 10.1% in the previous month. Another critical data from the largest copper importing nation showed that its fixed asset investment rose 7% on year, down from 7.5% a month earlier. COMEX Copper is currently trading at $ 3.07 per pound, down 0.42% on the day. However, MCX Copper futures stayed elevated on a weak Indian Rupee. MCX Copper is currently trading at Rs 465.75 per kg, up 0.44% on the day. INR fell to a 16 month low near 68 per US dollar mark today, keeping the domestic copper prices higher even as global futures slipped.