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MTECHTIPS:-Copper Slides On MCX After Breaking Under Rs 460 Mark

Wednesday, January 17, 2018 6:53

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MTECHTIPS:-Copper Slides On MCX After Breaking Under Rs 460 Mark

MTECHTIPS- MCX Copper futures have slipped heavily after falling under Rs 460 per kg mark but some buying is likely to emerge amid positive economic cues. Growth in activity in the New York manufacturing sector slowed in the month of January, according to a report released by the Federal Reserve Bank of New York on Tuesday. The New York Fed said its general business conditions index dropped to 17.7 in January from an upwardly revised 19.6 in December. A positive reading still indicates growth in regional manufacturing activity. The unemployment rate in the Organization for Economic Cooperation and Development area remained stable in November, data showed Tuesday. The OECD said the jobless rate came in at 5.6% in November, the same rate as seen in October. The jobless rate among youth aged below 24 increased to 11.9% from 11.8% in October. US stocks slipped amid profit selling after recent surge. Sentiments remain steady though as earnings and economic data points to steady outlook. COMEX Copper is quoting at $3.20 per pound, down 0.34% on the day. MCX Copper futures closed at Rs 456.60 per kg, down half a percent on the day after testing lows near Rs 452 mark

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