CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : : 05 August 2019

Capitalstars Investment Advisor

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• Base Metals Preview: Copper Gains Sharply on Renewed Buying

COMEX Copper fell near two month low of $2.60 per pound as US equities witnessed a steep slide after President Donald Trump announced plans to impose a 10% tariff on the remaining $300 billion worth of Chinese imports. The volume of world merchandise trade, as measured by the average of exports and imports, grew 3% in 2018, just above the 2.9% increase in world GDP over the same period but significantly lower than the 4.6% growth recorded in 2017, the World Trade Organization (WTO) said. MCX Copper futures extended losses and broke under Rs 440 per kg mark to test a low near Rs 432 per kg.

Meanwhile, mining major Glencore reported that its own sourced copper production was 663,000 tonnes was 33,200 tonnes in first half of 2019, down 5% than H1 2018, mainly reflecting Alumbrera open-cut depletion and sale of Punitaqui in H2 2018, re-bricking Kazzinc's furnace and smelter outages at Mopani culminating in the shutdown of the plant in June, with a major refurbishment programme now underway. Katanga's ramp-up and Mutanda's updated mine plan largely offset each other. Glencore reported a 2% fall in second-quarter copper production and cut its full-year production guidance for the metal by 1%, citing problems at its copper business in Africa.

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