Copper pulls back after recent spurt, Chinese economic cues in focus

COMEX Copper futures eased sharply in last session, falling more than 1.70% and sentiments remained lax today as growth in China’s industrial profits slowed for a third straight month to the weakest pace this year, as a cooling economy weighed on production and price gains. Industrial profit growth eased again in July to 11.2%. COMEX Copper has seen impressive spurt recently but seems to be witnessing some corrective action now. The red metal trades at $6.57 per pound, down 0.48% on the day. MCX Copper futures are flat at Rs 1391.70 per kg with a modest gain in open interest.

Meanwhile, in Asia, China's Shanghai Composite index soared 1.13%, adding to recent gains. Hong Kong’s Hang Seng index eased 0.34% while Japanese Nikkei index gave up 0.20%. European stocks mostly turned lower. French CAC index lost more than 1%. US stocks turned slightly lower Wednesday amid mixed economic cues and an overall cautious undertone in risk sentiments. The Dow Jones industrial average eased 0.21% on the day.

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