MTECHTIPS;-Copper Consolidates Just Under Two And Half Year High

MTECHTIPS;-Copper Consolidates Just Under Two And Half Year High

MTECHTIPS–MCX Copper ended flat around Rs 415.50 per kg on Friday. The metal has been easing after hitting highs around Rs 420 levels. COMEX Copper consolidated just under their two and half year high of $2.97 per pound. US stocks showed a lack of direction over the course of the trading day on Friday following the sell-off seen in the previous session. Base metals have been in a terrific nick of late and flipflops in equities have not had much of an impact on sentiments. On economic front,with consumer expectations showing a significant rebound, the University of Michigan released a report on Friday showing a much bigger than expected improvement in US consumer sentiment in the month of August. The report said the preliminary reading on the consumer sentiment index for August jumped to 97.6. House prices in majority of the Chinese cities increased in July, figures from the National Bureau of Statistics showed. On a monthly basis, house prices climbed 56 cities out of 70 surveyed by the government. It fell in 9 cities and remained flat in 5 cities.

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