CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :03 SEPTEMBER 2019
- Base Metals Preview: Copper Gains steadily Last Week
COMEX Copper futures rose modestly as a string of recent losses gave way to some bargain buying amid a mostly supportive tone in global equities. MCX Copper futures slipped near Rs 440 per kg on these cues. COMEX futures had tested a 27 month low before witnessing a recovery this week and closed at $2.55 per pound as traders expected a recovery in Chinese copper demand from the power industry in the fourth quarter of this year as China's State Grid will accelerate its investment in order to meet its annual targets. By the end of July, realized investment by the State Grid stood at 202.1 billion yuan, only some 40% of its targets of 512.6 billion yuan for 2019, according to media reports. The recent stimulus measures announced by the world's second-largest economy to boost the consumption demand in the country also supported the red metal.
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