NEW YORK (TheStreet) -- Copper pared most of its losses after China's National Bureau of Statistics released its growth and inflation data.
Meanwhile, base metals were expected to consolidate with negative bias in Thursday's trading session.
China's economy grew by 10.3% year over year during the second quarter, down from 11.9% during the first quarter. Inflation eased to 2.9% in June compared with 3.1% in May. Analysts reckon that the government measures have paid off signaling a positive course for the economy and base metals.
Events lined up for Thursday include U.S. initial jobless claims, which are expected to come in lower at 445,000 from the prior week's 454,000, continuing claims, expected to come in higher are 4.45 million compared with 4.41 million a week earlier, and industrial production, which is expected to drop to -0.1% in June vs. growth of 1.2% in May.Copper Copper for delivery within three months traded at $6,684 at the London Metal Exchange before declining 1.8% to $6,603 per metric ton. Copper inventories maintained by LME fell 0.9% to 428,500 tonnes. Meanwhile, Rio Tinto (RTP) revealed that refined copper production stood lower by 10% in the second quarter as compared to the same quarter a year ago. Production was primarily dragged down due to ongoing maintenance activities at its facilities. Besides, the company believes that its refined copper production would be 380,000 tonnes for 2010. The metal is expected to trade sideways with support at $6,616 and resistance at $6,712. Copper producers are trading very close to their resistance levels. Freeport-McMoRan Copper & Gold (FCX), which closed at $63.66 in the previous trading session, has support at $62.87, while resistance lies at $64.59 followed by $65.51. Meanwhile, Southern Copper (SCCO) closed at $30.07 with support and resistance levels lying at $29.81 and $30.39, respectively. Aluminum Aluminum for delivery within three months remained flat at $2,005 a ton in the early hours of trading Thursday at the LME from the previous day's close of $2,009. LME inventories shed 7,650 tonnes to close at 4.38 million tonnes. The metal is expected to trade sideways with support at $1,994 and resistance at $2,008.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV