COMEX Copper stayed supported in Asia today as a recovery from four month lows continued. Traders are hopeful that the global trade impasse would ease off in near term. The equities are up in cautious trades as the US markets edged up further. COMEX Copper currently trades at $2.65 per pound, up 0.60% on the day. MCX Copper futures ended down around 1% at Rs 412.40 per kg yesterday but should stay largely supported in early moves today.
On the economic front, the US initial jobless claims fell to 216,000, a decrease of 17,000 from the previous week's revised level of 233,000. Meanwhile, the Labor Department said the less volatile four-week moving average rose to 221,750, an increase of 2,500 from the previous week's revised average of 219,250. China consumer prices were up 1.9% on year in December, the National Bureau of Statistics said on Thursday, down from 2.2% in November. The bureau also said that producer prices were up an annual 0.9%, down sharply from 2.7% in the previous month.
The Chinese Ministry of Commerce (MOFCOM) said in a statement that the US and China had broad and detailed discussion on trade and structural issues of shared concern. The talks have strengthened mutual understanding and laid the foundation for addressing both sides' concerns, adding that the two countries also agreed to keep close contact.
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