MTECHTIPS:-Copper Supported On Demand Expectations

MTECHTIPS:-Copper Supported On Demand Expectations

MTECHTIPS-Copper prices rose to their highest level in more than two years, on optimism that accelerating growth in Asia and Europe will stoke demand for the industrial metal. Copper is hovering near a two-year high in reaction to a weaker dollar which is making the industrial metal more attractive to foreign buyers. Tight supply forecasts are also helping to boost prices. China is the world’s largest copper consumer accounts for almost 45% of the global demand. However, the country isn’t self-sufficient regarding its copper needs. China is the world’s largest copper importer. Notably, copper’s dynamics are different from some of the other metals like steel and aluminum where China controls more than half of the global supply. Chinese imports of refined copper dropped in June and are down 18% over the first half of 2017 to 2.23 m tonnes, shipments of copper concentrate continue to strengthen jumping 23% in June from the month before to 1.41 m tonnes. Indian Copper markets are witnessing Copper futures to be in a range of Rs 400-414 per kg

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