MTECHTIPS:-Copper Soars, Recent Gains Seen Holding Up

MTECHTIPS:-Copper Soars, Recent Gains Seen Holding Up

MTECHTIPS-Copper prices tested their highest levels in four weeks around $3.05 per pound on Tuesday as speculators kept buying in response to expectations of potential shortages in China. China announced plans in July and August to curb waste imports, including scrap metal, but it was unclear how severe the restrictions would be on copper. Helping copper was a news report that Congo’s mines minister has ordered a joint venture of Chinese investors to stop exporting raw copper and cobalt before processing because of their low value on international markets. MCX Copper added 0.83% to close at Rs 443 per kg. The break above Rs 440 could sustain following the strong global economic momentum
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