COMEX Copper futures slipped following heavy correction in US and European stocks. The red metal eased as a drop from two month high extedned. The metal currently trades at $ 2.82 per pound, down 0.39% on the day. MCX Copper futures ended just above Rs 446 per kg mark, down 0.68% on the day. Gains in Indian Rupee also hurt local futures.
Economic data was weak. European Commission slashed the euro area growth forecasts for this year and next, citing a high level of uncertainty and downside risks to the outlook. The EC cut the Eurozone growth forecast for this year to 1.3% from 1.9%. The growth projection for next year was also trimmed to 1.6% from 1.7%.
UK economic growth slowed in late 2018 and appears to have weakened further in early 2019. The nine-member Monetary Policy Committee, led by Governor Mark Carney, held the bank rate unchanged at 0.75%. Germanys industrial production unexpectedly decreased for a fourth consecutive month in December, dragged down by a slump in construction, raising doubts on a possible rebound in the near term. Industrial production fell 0.4% from November.