Monday, 31 August 2015

Mcx Tips- Copper Market Update By MarketMagnify

Image result for copperCopper settled up 0.69% at 342.20 as Chinese equity markets rebounded from a brutal selloff earlier in the week, easing jitters over an ongoing stock market collapse. Prices of the red metal sank to a six-year low of $2.202 on August 24 as concerns over the health of China's economy and steep declines on Chinese stock markets dampened appetite for the red metal. 

Asian shares extended a global rally on Friday after upbeat U.S. economic data calmed sentiment, with Chinese stocks jumping for the second day following a rocky start to the week. Wall Street rose sharply overnight thanks to revised U.S. gross domestic product data showing the economy grew faster than initially thought in the second quarter - a reassuring sign amid worries over deepening economic woes in China.

Copper shot up 4.2 percent on Thursday, its biggest one-day percentage gain since May 2013. It was lifted by a bounce in global stock markets, buoyant U.S. economic data and the announcement of production cuts by miner Freeport-McMoran Inc also support the prices in Friday's session. Freeport lowered its copper sales estimates for 2016 and 2017 by about 150 million pounds. While the global copper market is expected to be in surplus by 477,000 tonnes this year, said Bruce Alway of GFMS, the metals research and forecast team at Thomson Reuters.

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