Copper prices little gained at euro market before the release of U.S. economic data.
U.S. Bureau of Economic Analysis will release quarterly GDP data today at 1230 GMT. Analysts are expecting 0.3 percentage points change in GDP from earlier 2.4%. The economy is gaining momentum with favourable economic results. Yesterday improvement in durable goods order indicated changing market condition after hampered industrial work by bad weather.
At Multi Commodity Exchange copper rose to Rs.401 per kg after making low of Rs.397. Strengthening U.S. economy is likely to back copper prices. The metal rose little in early morning at Japan market as traders were reversing bets to book profit at low prices.
The metal lost 11% in one month as growth at China is weakening. Increasing default risk and expectation of weak demand due to contraction in manufacturing industry has dampened metal demand. China is the world largest copper consumer, accounting for near to 40% of world consumption.
There will also be released weekly initial jobless claims report and pending home sales data.
At the same time, increased money market rate at China slowed industrial profit growth to 9.4% year to date.
Except copper other industrial metals are down at domestic market.