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Advisory Data:-------------Non ferrous metals were roughed up by the fading hopes of fresh stimulus and calls of slower pace of consumption in China. Traders exited their long positions as Dollar gained and media reports suggested that the Copper consumption will be growing at a slowest pace since 1997.
The recovery in US remained sluggish in the second quarter though the GDP growth increased marginally. The Commerce Department report showed that the GDP expanded at an annual rate of 1.7% in second quarter.
National Association of Realtors showed on Wednesday that pending home sales index rose by 2.4% to 101.7 in July after falling by 1.4% to 99.3 in June. Economists had been expecting the index to increase by about 1%.
LME three month Copper forwards closed at $ 7540 per tonne, down $ 75 per tonne. MCX Copper closed at Rs 422.6 per kg, down 0.57%. Copper tested a high of Rs 424.4 per kg and a low of Rs 421 per kg.
LME Aluminium three month forwards closed at $ 1896 per tonne, down $ 14 per tonne. MCX Aluminium closed at Rs 104 per kg, down 0.77%.
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