MTECHTIPS;-Copper Slips Under Rs 450 On MCX

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MTECHTIPS;-Copper Slips Under Rs 450 On MCX

MTECHTIPS-COMEX Copper futures extended losses amid choppy equities though supportive Chinese economic data capped the downside for the red metal. The International Copper Study Group (ICSG) released a new edition of its biannual Directory of Copper Mines and Plants that provides global facility-by-facility production capacity and summary country capacity through 2021. As per the report through 2021 annual copper mine capacity is likely to grow at an average rate of around 2% per year (%/yr). Lower growth of about 1% is expected in 2018/2019 as compared to a growth of 3% expected in 2020/2021 when more projects/expansions are planned to come on stream. MCX Copper futures failed to hold on above Rs 450 per kg levels and eventually closed the week around Rs 449 per kg levels

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