MTECHTIPS;-Copper Crashes Around 5%, Tests Two Month Low

MTECHTIPS;-Copper Crashes Around 5%, Tests Two Month Low

MTECHTIPS-Copper prices tumbled near five percent yesterday amid rising LME inventories and heavy selling pressure. Last week a gauge of manufacturing activity in China, accounting for nearly half of global consumption of the metal, dropped to the lowest in five months in November, but factory managers’ views of the outlook for the next 12 months fell to the lowest level in more than five years. COMEX Copper futures fell to around two month low near 2.94 per pound mark as a slide under the key $3 levels extended. MCX Copper was also in a free fall, sliding well under Rs 430 per kg mark to close at Rs 424 per kg, down 4.2% on the day
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