CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : : 29 JULY 2019
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| Capitalstars Investment Advisor |
- Base Metals Preview: Copper Slackens, MCX Futures Break Well Below Rs 450 Mark
- COMEX Copper futures fell to one and half week low of $2.69 per pound, falling half a percent amid profit selling. MCX Copper futures closed at Rs 447 per kg, down 0.85% on the day as a break under Rs 450 triggered hefty correction. The US dollar index edged up to almost 98 - approaching two year high mark and weighed on Copper. Broad demand worries also stayed in place for the red metal after the International Monetary Fund further cut its global growth outlook. The world economy will grow 3.2% this year and 3.5% next year, both down 0.1 percentage point from April projections, the fund said in its latest quarterly World Economic Outlook released last week. The IMF also slashed expectations for growth in the global volume of trade in goods and services, reducing its estimate by 0.9 point to 2.5% in 2019
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