MTECHTIPS;- MCX Copper Settles Just Above Rs 433

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MTECHTIPS;- MCX Copper Settles Just Above Rs 433

MTECHTIPS-Copper settled the trading at Rs 433.7 per kg, up 1.53%. The prices of Copper tested a high of Rs 441 per kg and a low of Rs 428.6 per kg. Meanwhile, Chinese imports of refined copper continued its long term decline in 2018 after falling by 5.7% last year, but on the plus side concentrate shipments have stayed strong. China’s copper concentrate imports are on track to top the record levels of 2017 of 17.3 m tonnes, boosted by a ban on most scrap imports. As per the estimates from Credit rating agency ICRA, if domestic demand for copper grows at the current rate of 7-8 percent, the market is likely to turn into a deficit in the next couple of years.Supply bottlenecks in 2017 had resulted in a sharp increase in international non-ferrous metal prices, which strengthened by 24-35 percent during the year