Base Metals Preview: Copper Gains From Three Week Low After US GDP Data

COMEX Copper futures witnessed a sharp recovery after testing near three week low on bargain buying and weakness in US dollar. The metal currently quotes at $ 3.07 per pound- almost flat on the day. MCX Copper closed at Rs 458.50 per kg, down 0.48% on the day. The Commerce Department on Wednesday revised the US economys growth in the first quarter slightly lower, with consumer spending contributing less than previously reported. Gross Domestic Product (GDP) grew at an annualized rate of 2.2%. Consumer spending, the biggest contributor to the economy, slowed after a surge that was partly caused by people replacing property destroyed in the summer hurricanes. However, it was partly offset by strong business investment. Spending rose by 1%, revised down from the 1.1% rate reported in the initial estimate.