MTECHTIPS;-Copper Steady Around $2.90 On COMEX


MTECHTIPS;-Copper Steady Around $2.90 On COMEX

MTECHTIPS-Copper futures are trading steady after hitting their two year highs as strong cues from global economy are capping any correction. COMEX Copper is consolidating around $2.90 per pound in Asia today. New orders for US manufactured goods saw a substantial increase in the month of June, the Commerce Department revealed in a report on Thursday. The Commerce Department said factory orders jumped by 3% in June after dipping by a revised 0.3% in May. Global mining giant Rio Tinto reported a 93% spurt in first-half net profit on the back of rising metal and commodity prices. The Anglo-Australian firm said net profit was US$3.31 billion in the six months to June 30, compared to US$1.71 billion in the same period last year. Underlying profit, the measure preferred by Rio, spiked 152% to US$3.94 billion. MCX Copper futures ended around Rs 405.60 per kg yesterday and should see modest gains today though weekend could trigger some profit selling pressure on rallies

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