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Capital Market » Commodity Futures » Mid-session commentary

Firm China Manufacturing Data Lifts MCX Copper Above Rs 460 Per Kg

June 30, 2020 1:40 IST | capital market

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COMEX Copper futures stayed supported as supportive manufacturing data from China helped keep sentiments buoyed. The metal currently quotes at $2.69 per pound, up 0.62% on the day- holding around five month high. MCX Copper futures broke above Rs 460 per kg mark and currently trade at Rs 461.45 per kg, up 0.54% on the day. China manufacturing sector continued to expand in June, and at a slightly faster rate, the latest survey from the National Bureau of Statistics showed on Tuesday with a manufacturing PMI score of 50.9, up from 50.6 in May. It also moves further above the boom-or-bust line of 50 that separates expansion from contraction. The bureau also noted that its non-manufacturing index came in with a score of 54.4, up from 53.6 in the previous month.

Meanwhile, Asian markets are up following a sharp spurt in the DOW overnight. Other economic cues also remained supported. Eurozone economic sentiment index climbed 8.2 points to 75.7 in June, data published by the European Commission showed Monday. The industrial confidence advanced to -21.7 from -27.5 in the previous month.

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