MTECHTIPS;-Copper Sees Mild Losses

MTECHTIPS;-Copper Sees Mild Losses

MTECHTIPS -Copper eased after hitting near three year high. The metal has been boosted on sustained weakness in US dollar and supportive equities. COMEX Copper is currently trading flat at $3.10 per pound. MCX Copper futures ended down 0.30% at Rs 432.65 per kg. 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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