MTECHTIPS;-Copper Sees Strong Momentum, MCX Futures Above Rs 440 Mark

MTECHTIPS;-Copper Sees Strong Momentum, MCX Futures Above Rs 440 Mark

MTECHTIPS-Copper elevated yesterday and the momentum remains upbeat on worries that the global output gap is widening this year. COMEX Copper futures are holding near their three year highs around $3.11 per pound. Asian equities are mostly up on strong overnight cues. US stocks edged up yesterday, adding to the gains posted in the two previous sessions. The tech-heavy Nasdaq reached a new record closing high. This should keep the MCX Copper futures well supported after the counter closed around Rs 441 per kg yesterday, up 0.60% on the day. On the economic front yesterday, the Chicago-area business activity saw continued growth in the month of August, according to a report released by MNI Indicators on Thursday. MNI Indicators said its Chicago business barometer came in at 58.9 in August, unchanged from July. A reading above 50 indicates growth. The barometer came in unchanged as gains in production and demand was offset by losses in backlogs, employment and supplier deliveries. The report said the new orders and production indexes increased slightly in August after showing notable declines in July. On the other hand, the Employment indicator slipped for the third month in a row in August, falling below 50 for the first time since March

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