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      Base metals preview: Copper hits two year high

      MoM Team / Mumbai, Jul 26, 2017 09:45 AM IST

        Base metals preview: Copper hits two year high

        MCX Copper futures soared in line with the global trends, breaking sharply above Rs 400 per kg levels. COMEX Copper futures jumped on renewed optimism about demand from top consumer China.

        Copper for delivery in September jumped to a high near 2.85 a pound, scoring a gain of more than 4 percent and recording the highest level in nearly two years for the commodity. Prices are up around 30 percent on year. Chinese imports of refined copper are down 18 percent over the first half of 2017 to 2.23m tonnes.

        However, shipments of copper concentrate continue to strengthen jumping 23 percent in June from the month before to 1.41m tonnes. MCX Copper edged up to a high above Rs 409 per kg in intraday moves before ending just above Rs 406 levels, up 4 percent on the day.

         


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      Source: Capital Market


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