MTECHTIPS;-MCX Copper To Approach Rs 460 Levels

MTECHTIPS;-MCX Copper To Approach Rs 460 Levels

MTECHTIPS- COMEX Copper held just under its four year high on supportive economic cues and weak US dollar. The World Bank forecasts global economic growth to edge up to 3.1% in 2018 after a much stronger-than-expected 2017, as the recovery in investment, manufacturing, and trade continues, and as commodity-exporting developing economies benefit from firming commodity prices. However, this is largely seen as a short-term upswing. Over the longer term, slowing potential growth—a measure of how fast an economy can expand when labor and capital are fully employed—puts at risk gains in improving living standards and reducing poverty around the world, the World Bank warns in its January 2018 Global Economic Prospects. In another economic data yesterday, UK industrial production growth doubled in November, figures from the Office for National Statistics showed. Industrial output climbed 0.4% month-on-month, faster than the 0.2% increase seen in October. Manufacturing grew 0.4%. On a yearly basis, growth in industrial output slowed to 2.5% from 4.3% in October. COMEX Copper is up around half a percent in Asia, quoting at $3.25 per pound. MCX Copper closed up 0.70% at Rs 457 per kg. The counter should rally near Rs 460 levels today

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