Base Metals Preview: Copper Corrects On Friday

COMEX Copper rose further last week, hitting fresh two month high even as equities remained choppy. The metal corrected on Friday though as US stocks ended marginally lower on lingering concerns about a potential trade deal between the US and China. The commodity closed at $ 2.81 per pound, down 0.55% on the day. MCX Copper closed at Rs 442.40 per kg, down 0.87% on the day.

Copper has been supported as global stocks edged up on reports of likely fresh fiscal stimulus from China following a recent string of data indicating a sharp slowdown in the worlds second-largest economy. Meanwhile, Chiles Cochilco state copper commission stated in a latest update that it sees Copper averaging $ 3.05 per pound for 2019 and expects a marginal increase in prices next year. It sees copper averaging $ 3.08 in 2020. COMEX Copper had a disappointing time last year as it fell nearly 17% in annual terms following a break under the key $ 3 per pound levels.