Below Is The View On Copper bulls get another reason to cheer By Ms. Kaynat Chainwala (Research Analyst- Base Metals, Angel Commodities Broking):
“Copper got another boost on Wednesday after a statement published on the Ministry of Environmental Protection's website showed China approved second batch of 2018 import quota for scrap copper worth 29,715 tonnes, after first batch of 110,770 tonnes last month. This is in line with industry association notice issued last year that China may ban imports of some scrap metal, including copper, from the end of 2018.
Alongside, supply disruption concerns given pending labour contract negotiations in 2018 including Escondida mine in Chile, has already pushed the metal to $7312.5/t, levels last seen in January 2014.”
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