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MTECHTIPS;-Copper Set To Tumble On MCX

Thursday, February 22, 2018 5:44

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MTECHTIPS;-Copper Set To Tumble On MCX

MTECHTIPS-MCX Copper is set to correct today after rising above Rs 460 per kg in last session as the COMEX Copper futures have dropped to a one week low in Asian trades amid weak equities. COMEX Copper was supported yesterday as the International Copper Study Group (ICSG) noted in a latest update that the World mine production is estimated to have declined by 2.4% in the first eleven months of 2017, with concentrate production declining by 2% and solvent extraction-electrocuting (SX-EW) declining by 3.5%. The decline in world mine production was mainly due to 1.6% decline in production in Chile, the world’s biggest copper mine producing country which was negatively affected by the strike at the Escondida mine and lower output from Codelco mines. The metal held up despite weak equities in the US session but gave up in Asia as US dollar surged. The Federal Reserve stated in its latest meeting minutes that it is on track to raise interest rates gradually over the course of the year. COMEX Copper is down 1% at $3.16 per pound. MCX Copper futures closed around Rs 460.50 per kg in last session and should tumble in early moves today with a breach of Rs 460 mark triggering further selling pressure from an intraday perspective

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