MCX Copper News Update

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MCX Copper News Update

As per MCX intraday research Mumbai base company report for :

Copper prices fell on Friday after China’s central bank moved to tighten monetary policy, curbing demand for commodities. The decline put
copper on course for a 1.1% drop for the week. The price briefly touched a June 2015 high over $6,000 a ton on Wednesday after workers voted to
go on strike at Chile’s huge Escondida mine. In the latest of a series of measures aimed at deflating asset bubbles and reducing long-term financial
risk, the People’s Bank of China raised the interest rates it charges commercial banks on seven-day, 14-day and 28-day loans by 0.1 percentage
point. The trigger was the PBOC tightening its monetary policy in an attempt to cool inflation and this saw a wave of aggressive selling across the
commodities sector. Bulk commodities iron ore, steel rebar and coking coal all plunged on Chinese exchanges. Meanwhile, a private gauge of
Chinese manufacturing activity fell in January, suggesting a loss of economic momentum in the world’s dominant consumer of industrial metals.
The Caixin China manufacturing purchasing managers index declined to 51 in January from 51.9 in December. In Chile, the threat of a strike at the
Escondida mine, majority owned by BHP Billiton Ltd., has been postponed for at least five days while union officials hold mediated talks with
management over pay.

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