MTECHTIPS;-Copper Trading Cautiously Before Year End

MTECHTIPS;-Copper Trading Cautiously Before Year End

MTECHTIPS-MCX Copper ended the session on 27 Dec 2016 at INR 378.80 per kg. The prices tested a high of INR 380.90 per kg and a low of INR 369.80 per kg. China’s imports of copper fell 14.7 percent from a month ago to 290000 tonnes in October, its lowest since February 2015, General Administration of Customs data in the month of November 2016 showed that as demand from the world’s top commodities user continued to slow. Copper imports to China, the world’s leading copper and aluminium consumer, include anode, refined, alloy and semi-finished copper products. The country exported 350000 tonnes of wrought aluminium and aluminium products, including primary, alloy and semi-finished aluminium products, in October, down from September’s 390000 tonnes. That is the second month of declines and the lowest since February. According to a data released by the World Bureau of Metal Statistics (WBMS), copper was in a surplus of 124,000 tons during January to September. Copper market recorded a surplus of 302,000 tons in 2015. Global consumption of Copper totaled 17.55 million tons in the first nine months of 2016. Global output of refined copper totaled 2.01 million tons in September and the consumption totaled around 2.0019 million tons. MCX Copper averaged at Rs 365 per kg during November 2016 against Rs 314 per kg in November 2015. So far in the year 2016, Copper has gained 22% from Rs 298 per kg at the beginning of the year. The average position of Copper during same period last year was Rs 314 per kg. Meanwhile, LME Copper is averaging around $ 5429 per tonne in the month

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