Base Metals Preview: Copper Breaks Above $3 On Chile Earthquake

capital market | Mumbai | October 06, 2017 09:30 IST

Base Metals Preview: Copper Breaks Above $3 On Chile Earthquake

COMEX Copper soared yesterday after an earthquake in the main copper producing region of Chile boosted sentiments for the metal. COMEX Copper broke above $3 per pound and currently trades at $3.04 per pound, up marginally on the day. MCX Copper also soared 3% to approach Rs 440 levels in a hurried manner. Further gains are likely in the metal if MCX futures hold above Rs 440 mark. Economic data also supported the red metal. Real economic growth in the Organization for Economic Co-operation and Development area accelerated in the second quarter driven by private consumption and investment. Real GDP climbed 0.7 percent in the second quarter, faster than the 0.5% growth seen in the previous quarter. Contributions from private consumption and investment increased to 0.5% and 0.3%, respectively. New orders for US manufactured goods rebounded by slightly more than anticipated in the month of August, according to a report released by the Commerce Department on Thursday. The report said factory orders jumped by 1.2% to $471.7 billion in August.

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