MTECHTIPS-Copper Near Three Year High, Supplies Remains Tight

MTECHTIPS-Copper Near Three Year High, Supplies Remains Tight

MTECHTIPS-Copper soared to near three year high on sustained weakness in US dollar and supportive equities. COMEX Copper is currently up 0.26% at $3.11 per pound. MCX Copper futures ended up 0.70% at Rs 434 per kg. Asian equities are up despite the North Korea missile concerns. Copper output is falling this year, keeping the overall scenario positive for the prices. International Copper Study Group (ICSG) mentioned in a latest update that world copper mine production is estimated to have declined 3% in the first five months of 2017. World refined copper balance for the first five months of 2017 indicates a surplus of around 15000 tonnes. The decline in world mine production was mainly due to: A 10% (220,000 t Cu) decline in production in Chile, the world’s biggest copper mine producing country, negatively affected by the strike at Escondida mine and lower output from Codelco mines. A decline in Canada and Mongolia concentrates production of 20% and 21%, respectively, mainly due to lower grades in planned mining sequencing

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