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Copper Market Updates for 3 March 2017

Copper Market Updates for 3 March 2017

Copper trading range for the day is 392.2-407.4. Copper dropped as trader booked there long position tracking stronger dollar overwhelmed ongoing supply disruptions Chinas factory activity expanded faster than expected in February as domestic and export demand picked up. U.S. consumer spending cooled in January as demand for automobiles and utilities fell, but inflation recorded its biggest monthly increase in four...
Copper in high gear on China lending data

Copper in high gear on China lending data

Copper futures soared by 1 per cent during late morning trade in the domestic market on Tuesday as a pickup in new lending in China, the world’s biggest metals consumer, eased worries over the country’s economic slowdown, lifting the demand outlook for Copper. New loans issued by China’s banks and financial institutions jumped to 2.51 trillion Yuan in Jan 2016, comfortably topping estimates of 1.9 trillion Yuan, and above the 597.8 billion Yuan in the previous month. Further, the People’s Bank of China governor Zhou Xiaochuan allayed worries over China’s economy, as he said that the country’s balance of payments is good and capital outflows are normal, with the exchange rate basically stable against a basket of other currencies. At the MCX, Copper futures for February 2016 contract were trading at Rs.313.35 per 1 kg, up by 1 per cent, after opening at Rs. 312.5, against the previous closing price of Rs. 310.25. It touched the intra-day high of Rs. 315. (At 11:47...
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