LME Copper prices traded flat at $5611/t as political tensions in the US are weighing on the DX, thereby boosting dollar denominated commodities. DX fell to the lowest levels since November 2016 after news reports that Trump shared some intelligence information with Russia’s foreign minister and ambassador in a meeting last week.
Besides, latest data from the National Bureau of Statistics (NBS) showed real estate investment in China rose 9.3 percent in the first four months of 2017 from a year earlier, official data showed. While on the other hand, latest disappointing economic data releases from China has raised demand concerns from the world’s biggest consumer.
Industrial production expanded by an annual 6.5 percent in April, dropping from 7.6 percent in March while fixed asset investment data suggested a slowdown to 8.9 percent in April from 9.2 percent the previous month. Last week as well, weak inflation data coupled with sharp decline in Copper imports weighed on the metal. MCX Copper prices traded higher by 0.2 percent to close at Rs.363.2/kg on Wednesday.