MTECHTIPS;-Copper Declines By Half A Percent On MCX

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MTECHTIPS;-Copper Declines By Half A Percent On MCX


MTECHTIPS-Copper for delivery in April declined nearly 0.45% on the MCX market at Rs 452.2 per kg amid a general weakness on commodity and global financial markets gripped by uncertainty surrounding the Trump administration’s trade policies and the strength of demand from China, the globe’s number one metals consumer. Meanwhile, COMEX Copper is now down 5.8% so far in 2018 and the bellwether metal’s dimmer prospects is nowhere more evident than on derivatives markets and the shift in positioning of large-scale derivatives speculators such as hedge funds. Last day, China industrial output grew more strongly than expected at the start of the year, suggesting that the economy has sustained solid momentum even as US President Donald Trump readies hefty tariffs against one of its most strategic growth drivers – technology. Tariffs on tech exports could potentially hit the fastest growing segment of China’s industrial sector, an area that the country’s leaders have been keen to promote as they push for higher quality economic growth. The latest US trade threat, which follows the imposition of tariffs on steel and aluminium last week, overshadowed unexpectedly robust Chinese industrial and investment growth data for the first two months of the year