Free MCX Copper Tips: Copper yesterday settled down by 1.98% at 718.65 as expectations of U.S. interestrate rises lifted the dollar to 16-month highs.
Strong U.S. economic data and high inflation lead many investors to expect a U.S. rate hike as early as mid-2022. The worldwill need to double its copper supply and quadruple its nickel supply in the next 30years to facilitate a decarbonised world.
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A supply squeeze on the LME that pushed prices up last month has faded, with copper moving into exchange warehouses and the premium for cash copper over the three-month contract falling to $13.50 a tonne from over $1,100 last month.
Chinese coal prices continued to plummet as Chinese mines ramp up production. Cheaper coal should reduce energy costs for metal smelters. The amount of copper making its way on to LME warranthas so far been underwhelming given the extreme level of the cashpremium last month.
Arrivals since the middle of October have totalled 51,125 tonnes, split across LME warehouses in Europe (19,025 tonnes), Asia (18,675) and the United States (13,425 tonnes).The headline inventory figure has still been falling as all the metal that was cancelled going into the October squeeze leaves the warehousesystem.
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