MTECHTIPS;-Copper Sees Impressive Gains, Global Economy Looks Firm

MTECHTIPS;-Copper Sees Impressive Gains, Global Economy Looks Firm

MTECHTIPS- MCX Copper futures soared sharply yesterday as the global cues were extremely firm. The COMEX Copper jumped near recent four year highs as a weak US dollar and continued spurt in crude oil provided enough impetus for the red metal. Copper had corrected on Friday but was back to the winning ways in Asia amid upbeat equities. The metal stayed supported and is currently quoting flat at $3.259 per pound. MCX Copper futures also broke above Rs 460 per kg levels in intraday moves but closed at Rs 459 mark, adding 1.30% on the day. The US dollar index is lingering around 90.30 levels right now, holding around its three year low and keeping metals and other commodities well supported. The index tumbled on Friday after breaking below the 92 levels. Meanwhile,the world economy is gaining strength but structural issues such as weak wage growth and rapid asset appreciation need to be addressed, an IMF official said on Monday. The bottom line is that the cyclical recovery in the global economy is going from strength to strength, IMF first deputy managing direct David Lipton said in a speech to the Asian Financial Forum,according to media reports

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