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As on: Dec 17, 2018 01:44 PM
Base Metals Preview: Copper Eases Further, Global Trade Concerns Weigh
07-Dec-18   10:04 Hrs IST

MCX Copper futures ended down 1.26% at Rs 431.70 per kg. COMEX Copper futures stayed weak yesterday amid mostly negative cues from equities. On the economic front, the US Commerce Department said factory orders tumbled by 2.1% in October after rising by a downwardly revised 0.2% in September. The ISM said its US non-manufacturing index rose to 60.7 in November after pulling back to 60.3 in October. The US trade deficit widened to a ten-year high in the month of October. The Commerce Department said the trade deficit widened to $55.5 billion. ADP said the US private sector employment edged up by 179,000 jobs in November after jumping by a downwardly revised 225,000 jobs in October.

All countries will lose out in a global trade war, Roberto Azevedo, the head of the world’s trade referee had warned in a speech. Azevedo, acknowledged that reforms are needed, but rejected criticism that trade is the main cause for job losses. He welcomed the commitment by the Group of 20 over the weekend in Buenos Aires to reform the WTO to better preside over the modern trading system. Germany's manufacturing orders increased for a third straight month in October, preliminary data from the Federal Statistical Office showed on Thursday. Factory orders grew 0.3% following a 0.1% increase in previous month. However, on a year-on-year basis, factory orders dropped 2.7% in October following a 2.2% decline in September.

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