CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :30 SEPTEMBER 2019

Base Metals Preview: MCX Copper Futures Test Near 440 per Kg

COMEX Copper futures fell to three week low of $2.58 per pound as worries over broad economic growth weighed on the sentiments before witnessing some recovery. MCX Copper also slipped near Rs 440 per kg level with the selling spree accentuated by a firm undertone in Indian Rupee. The Trade and Development Report 2019 released by the UN Conference on Trade and Development (UNCTAD) estimates that world growth rate would likely drop from 3% in 2018 to a projected 2.3% this year. However, mining output stays weak and could offer some support to the red metal in the near term. 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-electro winning (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.

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