MCX Copper Tips – MCX Copper settled down 0.93% at 443.4 as the market awaited news from the US-China trade talks. The steady economic growth pace in the United States was also underscored by other data showing home resales rising in August to a 17-month high.
Watch MCX Copper Trading Tips – 446 To 441.05
While factory activity in the mid-Atlantic region slowed in September, orders remained solid, leading manufacturers in the region to increase employment and boost hours for workers.
Pan Pacific Copper (PPC), expects a global shortage in copper to be less acute next year as top consumer China’s output increases and its demand growth softens amid the prolonged U.S.-Sino trade row, a company official said.PPC, projects the global consumption and supply of refined copper to climb by 1.5% and 1.7% respectively in 2020 compared with this year, Naoki Kojima, PPC’s general manager for marketing. Copper miners pay TC/RCs to smelters to process ore into refined metal.
Lower charges indicate a tighter copper concentrate market or ample smelting capacity, and are bad news for smelters. China’s spot treatment charges for copper concentrate, assessed by industry data provider Asian Metal, have fallen nearly 40% so far this year to $55.50 a tonne, well below the 2019 long-term benchmark of $80.80. Peru expects its copper production to grow 27% and gold output to expand 12% in the next three years by 2022, the country’s energy and mines minister said.
