Copper rallies 1%, dollar trades flat

Economies.com
2018-10-19 13:59PM UTC

Copper futures rose in American trade while still on track for the third weekly loss in four weeks, while the dollar index marked October 9 highs before trading flat for the day, following earlier from China, the world's largest metals consumer, and the US. 

 

As of 01:49 GMT, copper futures due in December rose 1% to 277.40 a pound, while the dollar index inched up 0.04% to 95.94. 

 

Earlier Chinese data showed the seasonally adjusted reading for third-quarter GDP growth down to 1.6% as expected from 1.8%, and also down to 6.5% y/y from 6.7%, the slowest such pace since the financial crisis. 

 

The unemployment rate fell to 4.9% from 5% in August, while retail sales rose 9.2% y/y, as industrial production slowed down to 5.8% from 6%. 

 

People's Bank of China Governor noted in recent remarks that there's still some distance to go with changing interest rates and reserve requirements to prop up the economy, while warning that risks from the US-China trade dispute continue to weigh on outlook.  

 

Otherwise, US existing home sales fell 3.4% in September to an annualized 5.15 million units, compared to a 0.2% dip in August to 5.33 million, while analysts expected a 0.9% drop to 5.29 million units. 

 

The Federal Reserve recently released the minutes of its September 25-26 meeting, at which the Federal Open Market Committee voted to increase interest rates by 25 basis points for the third time this year to just below 2.25% as expected, while carrying on plans to normalize the balance sheet. 

 

The Fed forecast another rate hike this year, and three more next year, and another in 2020, as the economy blisters ahead. 

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