Copper Remains Sober in Weekend Trades

20 November 2017

Indian Copper was down Rs 438.7 per kg, 0.13%. The prices of Copper was down to levels of Rs 437.3 per kg. On higher side, Rs 440.1 per kg was noted. Chinas economy cooled further last month, with industrial output, fixed-asset investment and retail sales missing expectations. The dollar steadied on Friday after coming off the weeks lows against its peers as earlier risk aversion in global financial markets receded, pushing up U.S. yields.

A fire broke out at the main port used by copper miner Freeport-McMoRan Inc in Papua, Indonesia, on Thursday night, company sources said. BHP Billiton, hopes to fully divest its troubled U.S. onshore shale business in around two years and is also seeking a buyer for its nickel business in Australia.The euro area current account surplus rose to a record high in September, figures from the European Central Bank showed Friday. The seasonally adjusted current account surplus grew to EUR 37.8 billion in September from EUR 34.5 billion in August.

Moreover, this was the highest surplus since the formation of the currency bloc. The surplus on goods trade increased to EUR 35.2 billion from EUR 29.4 billion a month ago. The surplus on services rose slightly from EUR 7.2 billion to EUR 7.3 billion.

However, primary income declined to EUR 9.7 billion from EUR 10.4 billion. On the other side, the deficit on secondary income widened to EUR 14.3 billion from EUR 12.4 billion.

The 12-month cumulated current account for the period ending in September 2017 recorded a surplus of EU 346.4 billion, equivalent to 3.2 percent of euro area GDP, compared with EUR 359.3 billion or 3.4 percent of euro area GDP for the 12 months to September 2016.

Source: IIFL

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