Base Metals Preview: Copper Approaches Rs 450 Levels On MCX

COMEX Copper rose further yesterday, hitting fresh two month high even as equities remained choppy. Copper has been supported in recent weeks. The metal currently trades at $ 2.82 per pound, up 0.14% on the day. MCX Copper futures ended just above Rs 449 per kg mark yesterday and should see a rangebound movement today. The red metal stayed supported as global stocks edged up on reports of fresh fiscal stimulus from China following a recent string of data indicating a sharp slowdown in the worlds second-largest economy. Meanwhile, Chiles Cochilco state copper commission stated in a latest update that it sees Copper averaging $ 3.05 per pound for 2019 and expects a marginal increase in prices next year. It sees copper averaging $ 3.08 in 2020. COMEX Copper had a disappointing time last year as it fell nearly 17% in annual terms following a break under the key $ 3 per pound levels.