MTECHTIPS;-Copper Manages To Hold Recent Gains On Upbeat Global

MTECHTIPS;-Copper Manages To Hold Recent Gains On Upbeat Global Economic Cues

MTECHTIPS-Copper futures extended gains after breaking above $3 per ounce as supportive equities and bargain buying kept the sentiments positive for the red metal. Copper has recovered after testing near two month lows as supportive Chinese import data and record high US equities offered some buying for the metal. China imported 1.37 million mt of copper ores and concentrates in October, down 100,000 tonnes month on month, but up 0.74% year on year. Over January-October, ore and concentrate imports rose 2.9% year on year to 13.93 million tonnes, data from the General Administration of Customs showed. US stocks hit fresh record as the FED raised interest rates for the third time this year. MCX Copper also extended gains above Rs 430 per kg mark and closed around Rs 437 per kg. Sound upbeat global economic cues also boosted Copper. A three per cent upturn in the global economy has paved the way to readjust policy towards longer-term issues, such as addressing climate change, tackling existing inequalities and removing institutional obstacles to development, according to a new United Nations report on global economic prospects out yesterday. The World Economic Situation and Prospects update noted that for 2017, the global economic growth had reached three per cent – it’s highest since 2011 – as crisis-related fragility and the adverse effects of other recent shocks have subsided. The improvement is widespread. Roughly two-thirds of the world’s countries have experienced stronger growth in 2017 than in the previous year, and movement is expected to remain steady at three per cent in 2018 and 2019

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