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MTECHTIPS:- Copper Gains On Calls of Chinese Stimulus

MTECHTIPS:- Copper Gains On Calls of Chinese Stimulus

Copper gained by sharply on Monday as the imports from China and expectations of the stimulus measure again paved way for buying frenzy. The prices gained by more than Rs 9 in a single day. Copper recovered ground with high volumes on 10 August 2015. The prices of Copper settled at Rs 338.95 per kg against Rs 329.70 per kg on 7 August 2015. China’s imports of wrought copper rose nearly 3 percent in July to 350,000 tonnes compared to last year and were flat from the month before. China’s exports posted a surprisingly steep fall in July while imports slumped again, as the world’s second largest economy was pressured by weak demand at home and abroad. Exports slid 8.3% in the month from a year earlier, reversing a gain of 2.8% in June, customs data released Saturday showed. Imports fell for the ninth month in a row, dropping 8.1% in July from a year earlier, after a decline of 6.1% in June.The nation’s export sector had been a major contributor to growth in past years. But that is no longer the case, hampering economic growth. China’s economic growth in the second quarter came in at 7% year-over-year better than expected but still the slowest pace in six years. That reflects a combination of overcapacity in traditional industries, a weak property sector and little help from exports.

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