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MTECHTIPS:-Depletion Continues in Copper on MCX

MTECHTIPS:-Depletion Continues in Copper on MCX

Copper ended the day at Rs 328.95 on 20 August 2015 against 330.90 per kg on 19 Aug 2015.Respite from selling was far from being seen as COMEX Copper kept tumbling to 2009 lows even as metal is in oversold zone. 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.

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