MTECHTIPS:-Copper Pulled Back In Weekend, Future Bullish Prospects

MTECHTIPS:-Copper Pulled Back In Weekend, Future Bullish Prospects Remain Intact

MTECHTIPS- Copper prices were facing weekend selling pressure. The prices have been under scanner of the speculators though the bets for long run are still on. However, prices of Copper have been facing lots of pressure in the evening trades on MCX. The prices were pulling back from days high of Rs 462.85 per kg. The metal was at Rs 455 per kg, down 0.59% when last checked. However, the trend for Indian demand for Copper is set with higher FDI expected in coming years. Foreign Direct Investment (FDI) received in Construction Development sector (townships, housing, built up infrastructure and construction development projects) from April 2000 to March 2017 stood at US$ 24.3 billion, according to the Department of Industrial Policy and Promotion (DIPP). The Indian real estate market is expected to touch US$ 180 billion by 2020. India is expected to attract investments worth to US$ 10 billion by 2020. India has been ranked fourth in developing Asia for FDI inflows as per the World Investment Report 2016 by the United Nations Conference for Trade and Development. According to data released by Department of Industrial Policy and Promotion (DIPP), the construction development sector in India has received Foreign Direct Investment (FDI) equity inflows to the tune of US$ 24.54 billion in the period April 2000-June 2017. The housing sector that is a cmajor consumer of Copper alone contributes 5-6 per cent to the country’s Gross Domestic Product (GDP). A total of 2,17,900 new houses in six Indian states were sanctioned by the Ministry of Housing and Urban Affairs, Government of India under the Pradhan Mantri Awas Yojana (Urban) (PMAY) to push affordable housing in the urban areas of the country. The private equity investments in real estate increased 26 per cent to a nine-year high of nearly Rs 40,000 crore (US$ 6.01 billion) in 2016. In China, Beijing cut its quota for the first two batches of 2018 copper scrap imports to 136kt, down a whopping 94.3% compared to 2017. The market data provider said not only were far fewer refiners applying for licences, but those that did saw allocations drop more than 80% below last year’s levels

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