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MTECHTIPS:-Copper Slides Further On Economic Woes

MTECHTIPS:-Copper Slides Further On Economic Woes

Copper slipped further today with the MCX benchmark futures sliding under Rs 330 per kg mark amid a continued bearish undertone in global markets and a massive selling in European stocks. US dollar remained stuck near one week high around 1.1000 against the Euro and kept copper under check. COMEX Copper is currently trading at $2.2750 per pound,down 0.52% on the day. These are the lowest levels in nearly six and half years for the red metal. MCX Copper futures are trading at Rs 328.25 per kg, down 0.80% on the day. The counter has failed to hold near Rs 340 per kg this week. Global economic worries continued to make their presence felt as the international coal prices tumbled to 12-year lows, according to media reports. The benchmark API2 2016 coalfutures contract fell near 53 a tonne. Falling coal prices along with continued selling pressure in global crude oil prices and rising LME Copper inventories are likely to keep sentiments subdued for copper. Japan’s all industry activity expanded in June, after falling in the previous month,figures from the Ministry of Economy, Trade and Industry showed Wednesday. The allindustry activity index rose a seasonally adjusted 0.3% month-over-month in June, incontrast to May’s 0.5% drop. The index measuring industrial production increased 1.1%,while construction activity index slipped by 0.5%. The tertiary activity index also rose0.3 percent in June, while the government services index declined by 0.5%.

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