Base Metals Preview: Copper Sees Mild Buying After Testing Three Week Low

COMEX Copper witnessed some buying around its three week lows. Global stocks edged up after a pounding as on ideas that Chinese central bank would offer further support to the financial institutions following the US-China trade frictions. Overall sentiments remain tight for risky assets though as US Dollar has hit 11-month highs. The red metal currently trades at $ 3.03 per pound- down marginally on the day. MCX Copper dropped 0.19% to close at Rs 457.65 per kg. On economic front yesterday, existing home sales in the US unexpectedly decreased in the month of May, according to a report released by the National Association of Realtors on Wednesday. NAR said existing home sales fell by 0.4% to an annual rate of 5.43 million in May. UK manufacturing order books recovered in three months to June, the Industrial Trends Survey from the Confederation of British Industry showed Wednesday. A balance of 13% said order books were above normal and a 9% said export order books remained above normal. Australia leading index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, dropped to +0.11% in May from +0.83% in April, data from Westpac showed.