Copper slides more than 1% as China trims economic growth estimates

COMEX Copper futures pulled back today, sliding more than 1% as markets eyed Chinese economic cues. China on Thursday lowered its GDP target to 4.5% to 5% for this year. Soaring LME Copper inventories also weighed on the red metal and COMEX Copper futures are currently trading at $5.82 per pound, down 1.40% on the day. MCX Copper futures are trading at Rs 1199 per kg, down 0.85% on the day. Meanwhile, equities edged up today. In Asia, China's Shanghai Composite index added 0.64%. Hong Kong?s Hang Seng index edged up 0.28% while Japan?s Nikkei average spiked 1.90% after a heavy tumble in previous session. European stocks edged up modestly. The US stocks gained yesterday as major indices moved up from thee-month lows. The Dow added 0.50% and S&P 500 advanced 0.8%. The Nasdaq jumped 1.30%.

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