Weekly Copper Review: Sharp Rally Pushes MCX Futures Near Rs 440 Per Kg

Weekly Copper Review: Sharp Rally Pushes MCX Futures Near Rs 440 Per Kg

Dec 07, 2019 11:12 IST capital market

COMEX Copper rebounded from a six week low. Supportive Chinese economic data capped the losses. Chinas manufacturing Purchasing Managers Index edged up slightly to 51.8 in November from 51.7 in October, survey data from the IHS Markit showed. The reading signaled an improvement for the fourth consecutive month and the strongest since December 2016. According to the official survey, the Chinese manufacturing sector returned to growth in November. The PMI advanced to 50.2 from 49.3 and the non-manufacturing PMI advanced to 54.4 from 52.8. COMEX Copper hit $2.74 per pound - its highest level in three and half months as it jumped more than 3% in a single session. MCX Copper futures broke higher after falling under Rs 430 per kg and ended just under Rs 440 per kg mark following the rebound in global prices.

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