Copper prices rose on the MCX in line with the gains in the international markets By Mr. Yash Sawant, Angel Broking Ltd
Below are Views On Copper prices rose on the MCX in line with the gains in the international markets By Mr. Yash Sawant, Research Associate, Angel Broking Ltd
Copper prices up
Copper prices rose on the MCX in line with the gains in the international markets despite an evident slowdown in China’s manufacturing activities.
MCX Copper rose about 1.2 percent while LME Copper gained about 1.5 percent following a weaker Dollar and fund buying support. However, stalling demand from China, steady rise in inventory levels and resumption in mine supply kept a lid on the prices.
Resurgence of Covid19 cases, high raw material prices and disrupted supply chain led to a slower than expected growth in China’s industrial sector in June’21. The Caixin Manufacturing Purchasing Managers' Index (PMI), which focuses on small and medium sized industries, dipped to 51.3 in June’21 from 52 reported in May’21. Even the exports orders were pulled lower as the wild spread of Delta variant of the virus took a hit on the global demand.
Weak demand from the major metal consuming economy might pressure the industrial metals in the coming session.
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