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MTECHTIPS;-Copper Supported On Economic Momentum

Monday, July 24, 2017 4:21

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MTECHTIPS;-Copper Supported On Economic Momentum

MTECHTIPS-Copper futures hit their five month highs near $2.75 per pound amid supportive cues from equities and strong economic momentum. The JP Morgan Global Manufacturing PMI remained unchanged at 52.6 in June, signalling a further solid and steady improvement in manufacturing operating conditions. The average reading over Q2as a whole was 52.7, slightly below that for Q1 at 52.9. World refined copper balance for the first four months of 2017 indicates a surplus of around 80,000 t (including revisions to data previously presented): This is mainly due to the decline in Chinese apparent demand (China currently represents 48% of the world copper refined usage). In the first four months of 2017, the world refined copper balance adjusted for changes in Chinese bonded stocks indicates a surplus of around 220000 tonnes. World mine production is estimated to have declined by around 3.5% in the first four months of 2017, with concentrate production declining by around 3% and solvent extraction-electrocuting (SX-EW) declining by around 5%: The decline in world mine production was mainly due to: A 12% decline in production in Chile, the world’s biggest copper mine producing country, negatively affected by the strike at Escondida mine and lower output from Codelco mines

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