Copper Stuck In Choppy Moves

Copper witnessed a choppy ride this week, which was pretty much expected given the heavy damage inflicted on charts following last Friday’s hefty slide. The metal has witnessed some buying around its three week low but the momentum is shaky. The metal currently trades at $ 3.02 per pound, up 0.25% on the day. MCX Copper futures are currently trading at Rs 453.85 per kg, flat on the day. European equities are up with CAC rising 1% and DAX adding 0.37% on the day. Asian markets also edged up today after a dull start.

Economic data was good today. Euro area composite output index rose unexpectedly to 54.8 in June from 54.1 in May, flash data from IHS Markit showed. While an improvement was reported from the 18-month low seen in May, the June reading represented the second-weakest expansion seen over the past 17 months. The services PMI rose to 55.0 in June from 53.8 in May. Meanwhile, the factory PMI fell to 55.0 in June from 55.5 in the previous month.

Japans All Industry Activity index edged up 1% month-over-month in April, after remaining flat in March, data from the Ministry of Economy, Trade and Industry showed Friday. Industrial production expanded 0.5% over the month and construction activity index grew by 2.5% and tertiary activity registered an increase of 1%. On a yearly basis, all industry activity growth improved to 1.5% in April from 1.2% in the prior month.