Copper fell sharply on Friday on global trade worries and weak stock markets. US stocks slipped after President Donald Trump announced plans to impose a 25% tariff on $ 50 billion worth of Chinese goods that contain industrially significant technologies. Beijing has also warned that it was ready to respond. COMEX Copper fell to two week low of $ 3.13 per pound- down 2.60% on the day. MCX Copper witnessed a steep fall n evening and closed at Rs 473.70 per kg- down 1.63% on the day.
Poor China economic data also hurt the red metal. 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.