Base Metals Preview: Copper Looks Sluggish Amid Poor China Data

COMEX Copper futures are hovering around one week low following weak Chinese economic cues and a sharp rally in US dollar yesterday. The red metal quotes at $ 3.211 per pound – up 0.30% on the day. MCX Copper closed at Rs 481.55 per kg, extending losses under Rs 490 mark. Chinese industrial production grew 6.8% in May- slower than the 7% increase logged a month ago, the National Bureau of Statistics reported. The retail sales growth also eased to 8.5% from 9.4%. During the January to May period, fixed asset investment increased (FAI) 6.1% -down from 7% for January-April. Private investment rose at a faster rate than overall growth though. FAI by the private sector rose 8.1% year on year in January-May, up 1.3 percentage points from the growth in the same period last year.