Copper on MCX settled down -1.56% at 448 as the dollar rose and manufacturing activity in Germany shrank. Base metals prices had jumped in the previous session after upbeat GDP data from top consumer China. China's economy grew at a 6.4 percent pace in the first quarter from a year earlier, defying expectations for a further slowdown, as industrial production jumped sharply and consumer demand showed signs of improvement.
China, which is in the midst of a trade conflict with the United States, ramped up fiscal stimulus this year to support the world's second largest economy after a slew of disappointing data pointed to a potential slowdown. The Fed’s Beige Book report, a region-by-region assessment of the US economy based on information collected by the 12 regional Fed banks, found that the US economy continued to grow and labour markets remained tight across the country.
Data also showed that the US trade deficit fell to an eight-month low in February as exports to China surged and outperformed a rebound in overall imports. The US' goods and services deficit fell to $49.4 billion in February, its lowest since June 2018 and well below estimates, the Commerce Department reported. U.S. business inventories increased in February and stock accumulation in the prior month was a bit stronger than initially estimated, suggesting inventory investment could contribute to economic growth in the first quarter.
Technically market is under long liquidation as market has witnessed drop in open interest by -15.14% to settled at 9644 while prices down -7.1 rupees, now Copper is getting support at 444.7 and below same could see a test of 441.3 level, And resistance is now likely to be seen at 452.6, a move above could see prices testing 457.1.
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