Commodities

Copper falls off two-week high, dollar edges up

2018-09-14 14:20:37 GMT (Economies.com)

Copper futures fell off August 29 highs while still on track for the first weekly profit in three, as the dollar index climbed off July 31 lows, following earlier data from China, the world's largest metals consumer, and the US. 

 

As of 01:29 GMT, copper futures due in December fell 0.39% to $267.25 a pound, while the dollar index inched up 0.22% to 94.73 against a basket of major rivals. 

 

Earlier Chinese data showed the unemployment rate down to 5.0% from 5.1%, while retail sales rallied 9% y/y, slowing down from 8.8% in July. 

 

China's industrial output rose 6.1% y/y in August, up slightly from 6.0%, while fixed-income investments rose 5.3%, slowing down from 5.5%. 

 

US Retail Sales, Industrial Data 

 

Earlier US data showed retail sales rose 0.1%, slowing down sharply from 0.7% in July, and missing estimates of 0.4%. 

 

Import prices fell 0.6% m/m, compared to no change in July, while analysts expected a 0.2% drop. 

 

US industrial production rose 0.4% in August, same as July, and beating estimates of a 0.3% increase. 

 

The capacity utilization rate rose to 78.1% from 77.9% in July, missing  estimates of 78.3%. 

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