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  • Pre Session Commentary - Detailed News

Base Metals Preview: Copper Off Two Week High, Sentiments Largely Supported
17-Jul-19   08:53 Hrs IST
COMEX Copper eased after hitting around two week high though sentiments remain supported. Mining major Rio Tinto said that in view of the stability risks identified with the approved mine design that might entail relocation of the critical underground infrastructure, the first production from the Oyu Tolgoi copper project is expected to be achieved between May 2022 and June 2023. The mining giant also announced that mined copper production of 137 thousand tonnes in June quarter of 2019 was 13% lower than the second quarter of 2018, with lower production from Escondida and Kennecott reflective of lower grades. This supported Copper even as the general sentiments in global markets remained lax. The COMEX Copper futures are currently trading at $2.70 per pound, up 0.30%on the day. MCX Copper futures closed at Rs 443.64 per kg, down 0.30% on the day. The US economic data was steady as Fed said industrial production was unchanged in June after climbing by 0.4% in May while the US retail sales rose by 0.4% in June.

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