Copper Traded lower -China Economic Data & Fitch Rating Of Italy

Copper prices fell by Chinese economic data and a bleak economic outlook in the euro area clouded the demand prospects for the metal. China’s industrial output and retail sales growth slowed, raising concerns over a deepening slowdown in the world’s second biggest economy. China’s industrial output rose by 9.9 per cent in the first two months of 2012, year on year, down from the annual 10.3 per cent gain in December 2012, while retail sales growth slowed to 12.3 per cent in the same period from 15.2 per cent in December 2012. 

Fitch Ratings cut Italy’s credit rating by one level to “BBB+” from “A-“ with a negative outlook, as an inconclusive election in February 2013 signaled deepening political uncertainty in Europe’s third biggest economy, crimping the nation’s ability to fight a worsening recession, raising fresh fears over Europe’s debt crises, darkening the outlook for the metal.