CAPITALSTARS FRIDAY COPPER NEWS UPDATE : 19 JULY 2019

Capitalstars Investment Advisor

  • Base Metals Preview: Copper Soars To Two And Half Month High.
  • COMEX Copper futures soared to two and half month high on weak US dollar and excellent buying support. Equities jumped in Asia and the red metal quotes at $2.76 per pound, up 1.50% on the day. Asian demand trends are seen firm. Developing Asia will maintain strong but moderating growth over 2019 and 2020, as supportive domestic demand counteracts an environment of global trade tensions, according to a new Asian Development Bank (ADB) report. ADB maintains growth forecasts for developing Asia at 5.7% in 2019 and 5.6% in 2020 - unchanged from its April forecast. These growth rates are slightly down from developing Asia's 5.9% growth in 2018 but still good enough for Copper to push up the recent rally. The MCX Copper futures ended marginally up at Rs 447.55 per kg in last session and should spike today.

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