Copper Facing Pressure Ahead Of Weekend

Indian Copper was following global counterparts, slipping marginally amid choppy trades. Indian Copper was at Rs 481.55 per kg, unchanged from last close. But throughout the day, there has been pressure seen on the prices of Copper. International LME Copper hit a one-week low on Friday while the dollar retained its strength, leaving the market set for its biggest weekly drop since April on concerns over slowing growth in top metals buyer China and looming US trade tariffs against the country.

US President Donald Trump has decided to impose n++pretty significantn++ tariffs, a U.S. official said, and will unveil a list targeting $ 50 billion of Chinese goods on Friday, according to media reports. Beijing has also warned that it was ready to respond.

The dollar has been surging too. The US dollar index hit a seven-month high, getting a boost as the euro sagged after a cautious European Central Bank signalled it will keep interest rates at record lows well into next year. China reported weaker-than-expected industrial output, investment and retail sales for May.