COMEX Copper eased slightly today as corrective selling stayed in place after the metal hit a two week high. Global stocks extended losing streak on trade concerns and the red metal currently trades at $ 2.71 per pound, down 0.04% on the day. MCX Copper futures are in green though, quoting at Rs 447.70 per kg as the Indian Rupee fell today. INR dropped 14 paise to end at 68.88 per US dollar after testing 69 levels in intraday moves.
The US Commerce Department said yesterday that housing starts fell by 0.9% to an annual rate of 1.253 million in June after slipping by 0.4% to a revised rate of 1.265 million in May. The multi-family starts tumbled by 9.2% to 406,000, more than offsetting a 3.5% jump in single-family starts to a rate of 847,000. US Building permits also plunged by 6.1% to an annual rate of 1.220 million in June after rising by 0.7% to a revised rate of 1.299 million in May. The permits are now at lowest level since May 2017.
Meanwhile, the developing Asia will maintain strong but moderating growth over 2019 and 2020, as supportive domestic demand counteracts an environment of global trade tensions, according to a new Asian Development Bank (ADB) report. ADB maintains growth forecasts for developing Asia at 5.7% in 2019 and 5.6% in 2020 – unchanged from its April forecast. These growth rates are slightly down from developing Asias 5.9% growth in 2018.