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Natural Gas, Copper MCX Tips Today Rocking All Target Hit – Neal Bhai

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Copper MCX Tips Today

Natural Gas, Copper MCX Tips Today Rocking All Target Hit – Copper yesterday settled down by 1.93% at 598.5 hit by uncertainties about the outcome of a $1.9 trillion U.S. stimulus package proposed by new President Joe Biden, which is expected to boost demand for metals.

Output in key producer countries such as Peru cratered over the second quarter of 2020 as lockdowns and quarantine measures caused many mines drastically to reduce operations.

What is today’s copper price?

587.75 is today’s copper price. Recovery has been patchy. Peruvian mines had just about returned to normal run-rates by October, but output in Chile, the world’s largest copper producer, started sliding in the third quarter after a robust first half of the year.

Global mine output in the first 10 months of 2020 was still 0.5% lower than 2019 levels, according to the International Copper Study Group (ICSG).

Treatment and refining charges, which are what a smelter levies for processing copper concentrates into refined metal, are the best indicator of what is going on in the opaque raw materials market.

Copper mcx tips today

The global refined copper market showed a 155,000-tonne deficit in September compared with a 72,000-tonne deficit in August, the International Copper Study Group (ICSG) said in its latest monthly bulletin.

For the first nine months of the year, the market was in a 387,000-tonne deficit compared with a 328,000-tonne deficit in the same period in 2019, the ICSG said.

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