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      Copper declines in session trades on MCX

      MoM Team / Mumbai, Aug 11, 2017 05:49 PM IST

        Copper declines in session trades on MCX

        Indian Copper was trading at Rs 409.7 per kg, declining in evening trades. The prices were down 0.41 percent when last checked. Meanwhile, Global Copper major Glencore is betting on Copper and Zinc. Diversified global miner Glencore has significant growth options in copper and zinc, the prices of which are benefiting from the roll-out of electric vehicles and energy storage, as per the CEO Ivan Glasenberg.

        By 2019, more copper would be coming from mines such as Glencore's Katanga, BHP Billiton/Rio Tinto's Escondida and Glencore/Anglo American's Collahuasi, but less from other major producers. The group, has coal mines and ferrochrome smelters in SA.

        Copper maintained winning stream in July with prices rising for seventh month in a row. Copper prices gained on a month on month basis. World refined copper balance for the first four months of 2017 indicates a surplus of around 80,000 tonnes.

        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 refined production is estimated to have remained essentially unchanged in the first four months of 2017 with primary production (electrolytic and electrowinning) declining by 2 percent and secondary production (from scrap) increasing by 12 percent. World apparent refined usage is estimated to have declined by around 3 percent in the first four months of 2017


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