MTECHTIPS:-Copper Soars To Three Week High

MTECHTIPS:-Copper Soars To Three Week High

MTECHTIPS-Copper edged up yesterday amid sustained buying. Traders eyed upbeat global manufacturing scenario, weak US dollar and tight global supplies. COMEX Copper futures soared to a three week high of $3.14 per pound. The metal has dropped a little in Asia today. MCX Copper futures ended at Rs 448.30 per kg, not holding onto rallies towards the critical Rs 450 mark. Global manufacturing maintained rapid expansion in October, according to a new index compiled by the China Federation of Logistics and Purchasing (CFLP). The global manufacturing purchasing managers’ index (PMI) stood at 55.1 last month, down from 55.9 in September but still at a relatively high level, according to the CFLP, which released the index for the first time on Tuesday. The index has stayed above 53.5 since the beginning of this year, showing a strong recovery of manufacturing in developed countries, accelerating industrial upgrading in emerging market economies and rising commodities prices on the global market, a CFLP statement said. World Copper mine production is estimated to have declined by around 2.2% in the first eight months of 2017, with concentrate production has declined by around 1.5% and solvent extraction-electrowinning (SX-EW) has also dropped by around 5%, according to preliminary data released by International Copper Study Group (ICSG). A 5% decline in production in Chile, the world’s biggest copper mine producing country, negatively affected by the strike at the Escondida mine and lower output from Codelco mines. A decline in Argentina, Canada and Mongolia concentrates production of 50%, 19% and 18%, respectively, mainly due to lower grades in planned mining sequencing and Argentina’s Alumbrera mine approaching end of life

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