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Commodity Detailed News

Base Metals Preview: Copper Futures Tumble Under Rs 450 Level On MCX
24-Jan-20   08:56 Hrs IST
COMEX Copper futures stayed weak, lingering around seven week low on broad demand worries. According to WBMS, the global primary copper market recorded a deficit of 269 kt in January to November 2019 which follows a deficit of 275 kt in the whole of 2018. Reported stocks rose during November to close 6.2 kt higher than at the end of December 2018. World mine production in January to November 2019 was 18.8 million tonnes which was 1.1% higher than in the same period in 2018. Global refined production for January to November 2019 was 21.45 million tonnes down 0.6% compared with the previous year with significant decreases recorded in India (down 123kt) and in Chile (down 202 kt). Global consumption for January to November 2019 was 21.72 million tonnes compared with 21.87 million tonnes for the same months of 2018. Chinese apparent demand for the period January to November 2019 was 11512 kt which was 1.8% higher than the first eleven months of 2018. COMEX Copper futures are currently trading at $2.72 per pound, down 0.33% on the day. MCX Copper closed at Rs 446.45 per kg, down 1.30% on the day as a slide under Rs 450 mark extended.

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