MTECHTIPS:-Copper Manages To Recover, MCX Futures End Above Rs 455 MTECHTIPS-Copper futures edged up after a brief fall last week as soaring equities boosted sentiments. Equities hit fresh highs in US today after the US Senate adopted a fiscal 2018 budget resolution, taking a major step towards overhauling the US tax code. This supported Copper after the recent correction that took the metal away from its three and half year highs. The counter ended flat at $3.17 per pound. MCX Copper futures closed at Rs 455.55 per kg in last session, up 0.45% on the day. World number two miner Rio Tinto announced in its third quarter production results last week that its copper production in the third quarter declined by 3% to 120,600 tonnes. The Anglo-Australian giant stated that lower copper head grades at the Rio Tinto Kennecott mine in the US and its Oyu Golgi copper-gold operation in Mongolia triggered the drop in output, according to media reports. Rio also trimmed its copper production guidance for the year to between 460,000 and 480,000 tonnes compared to previous estimates of 500–550,000 thousand tonnes in 2017 MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips WWW.MTECHTIPS.COM 07489294118-119
Published on Oct 23 2017 2:39PM, by MTECHTIPS in Commodity tips| Share This