Copper slides even as dollar declines
2017-11-14 15:46:02 GMT (
Copper slides even as dollar declines

Copper futures fell in American trade even as the dollar index plumbed the lowest since October 28, following a basket of data from China, the world's largest metals consumer, and the US, and after speeches by major global central bank governors in Frankfort.


As of 03:24 GMT, copper futures due on December 15 slid 0.45% to $310.25 a pound from the opening of $311.65, while the dollar index declined 0.41% to 94.10 from the opening of 94.49. 


Earlier data from China, which accounts for 40% of global copper demand, showed industrial production slowed down to 6.2% y/y from 6.6% in September, missing expectations of 6.3%, while fixed-asset investments slowed down to 7.3% in line with expectations from 7.5%. 


Chinese retail sales slowed down as well to 10% from 10.3% in September, missing forecasts of 10.5%, as several global central bank governors participated in a panel discussion titled "At the heart of policy: challenges and opportunities of central bank communication" at the Central Bank Communications Conference hosted by the European Central Bank, in Frankfurt.


Otherwise, US producer prices rose 0.4% in October, beating expectations of 0.1%, and same as September, while core prices, excluding food and fuel prices, also rose 0.4%, same as before and passing forecasts of a 0.2% advance. 


Similarly, US Treasury Secretary Steven Mnuchin said earlier today he's not worries about whether the Senate tax reform bill could delay reforms, noting there were but small differences on tax cuts between the bills in the Senate and the House of Representatives, and asserting US president Donald Trump targets a growth rate of 3% or above for the economy. 

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