In the United States, stock and bond markets are closed for the Martin Luther King, Jr. holiday and trading floors are closed at the CME group, although electronic trading continues.
COMEX March copper was trading down nearly 3 cents early this morning at around $2.69 per pound. In contrast, copper futures in Shanghai settled 0.7% higher this morning following the release of official statistics that show Chinese real GDP dipped to 6.4 percent growth in the fourth quarter, while industrial output rose 5.7% and retail sales increased 8.2% in December, in-line or slightly better than the consensus forecasts according to Bloomberg. In London, base metal prices were mostly lower this morning with LME 3-mo. copper recently trading around $5,994/mt while 3-mo. aluminum dipped to $1,860 per ton. In other commodity markets, NYMEX WTI crude oil was trading in a narrow range around $54 per barrel while COMEX gold dipped to $1,278/to. In foreign exchange trading the euro was holding up around $1.136 while the British pound was little changed at $1.287 as the Brexit drama continues.
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