CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :25 SEPTEMBER 2019
Base Metals Preview: Copper Rises On Falling Mining Output
COMEX Copper stayed supported after testing two and half
week low on calls of tight global supplies. The red metal currently trades at
$2.61 per pound, up marginally on the day. MCX Copper futures closed flat at Rs
447.40 per kg. According to the latest update from the International Copper Study
Group (ICSG), world mine production declined by about 1.4% in the 1st half of
2019, with concentrate production declining by 1% and solvent
extraction-electrowinning (SX-EW) by 3.5%. Reduced output in two major
producing countries, namely Chile and Indonesia, more than offset growth in
other countries. Production in Chile, the world's biggest copper mine producing
country, declined by 2.5% mainly due to lower copper head grades. Concentrate
production in Indonesia declined by 55% as a consequence of the transition of
the country's major two mines to different ore zones leading to temporarily
reduced output levels.
Preliminary data indicates that world refined production
declined by about 1% in the 1st half of 2019 with primary production
(electrolytic and electrowinning) declining by 1.5% and secondary production
(from scrap) increasing by 1%. The fall in world refined production was mainly
due to a 38% decrease in Chilean electrolytic refined output due to temporary
smelter shutdowns whilst undergoing upgrades to comply with new environmental
regulations. Total Chilean refined production (including Electrowinning)
declined by 15%.
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