Copper Prices Surged 1 Percent

LME Copper prices surged 1 percent to close near three month highs of $5940/t, as hawkish stance from the European Central Bank (ECB) and Bank of England pushed DX towards 10-month low levels. In his latest speech, the governor of the Bank of England suggested that interest rates could rise if business investment grows. 

Earlier, Mario Draghi announced that the ECB would slowly withdraw from its expansionary monetary policy. Also, Federal Reserve Chairwoman Janet Yellen in a speech in London reiterated that rate increase will be gradual and the Fed will avoid destabilizing markets.

Further, Copper production at the world's largest Escondida copper mine in Chile fell 63 percent in the first quarter of 2017 from a year earlier amid a prolonged strike, to just 97,103 tonnes of copper down from 265,597 tonnes a year earlier.

Besides, persistent drop in LME Copper stocks, down by 22 percent on a year to date basis acted as a positive factor. MCX copper prices traded higher by 1.3 percent on Thursday to close at Rs.383.9 per kg.

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Suhani Verma

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