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MTECHTIPS:-COMEX Copper Slides To 2009 Levels

MTECHTIPS:-COMEX Copper Slides To 2009 Levels

Respite from selling was far from being seen as COMEX Copper kept tumbling to 2009 lows even as metal is in oversold zone. The most actively traded contract, for September delivery, fell 1.5 per cent, to settle at $US 2. 2870 a pound on the Comex division of the New York Mercantile Exchange on Tuesday. This was the lowest settlement since July 2009. The prices were once again sliding trading at $ 2.27 per pound on Wednesday. Copper decline comes as all industrial metals continue to retrench from the boom time peaks of 2011. Copper has suffered from concerns about a global supply surplus and fears about future demand from China, which consumes around 45 per cent of the metal. Last day losses were triggered by a sell-off on the Chinese stock market, which ended the day down 6.2 per cent. Commodities have also been hit by China’s surprise decision to devalue the yuan last week, making dollar-denominated metals and oil more expensive for the world’s second-biggest economy. Chile State-owned copper Corporation (Codelco), world’s number one copper producer, said on Tuesday its Chautauqua copper suffered fire accident, but the company had implemented contingency plans which will ensure that the project to maintain production levels. Codelco said the fire on Monday night, the fire was under control. The company also added that no one was hurt in the fire. Chautauqua copper is Chile’s second-largest copper mine owned by State-owned copper company, copper production output is about 340,000 tons last year. MCX Copper was down 0.82%, at Rs 328 per kg. The prices tested a high of Rs 331.45 per kg, and a low of Rs 327.8 per kg.

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