MTECHTIPS;-Copper Slippery After Fed, Global Growth Outlook Firm
MTECHTIPS;-Copper Slippery After Fed, Global Growth Outlook Firm
MTECHTIPS-Copper stayed supported yesterday but came off intraday highs after US Federal Reserve announced that, for the first time in nine years, it would start reducing the size of its $4.5 trillion asset portfolio starting in October. The Fed kept interest rates unchanged, as widely expected, but said it would start to shrink its balance sheet by $10 billion a month. The Fed also noted that a December rate increase remains on track. US stocks eased from record highs as some selling hit the stocks following the Fed statement. US Treasuries jumped along with US dollar and commodities eased. COMEX Copper futures are trading at $2.93 per pound right now, down around 0.75% on the day. MCX Copper futures closed around Rs 424.30 per kg, up marginally on the day after hitting highs above Rs 427 in intrday moves. Copper was supported initially on sound global economic outlook. World growth momentum has improved and is more broad-based now, yet a self-sustained recovery is far from secured as inflation remains subdued and there exists an unmet need for structural reforms, the Organization for Economic Cooperation and Development (OECD) said Wednesday. The world economy is set to expand 3.5% this year and 3.7% next year, the Paris-based think tank said in an interim update for its economic projection. Global growth was 3.1% in 2016. The growth forecast for this year was unchanged from the economic outlook report released in June, while the projection for next year was raised by 0.1%.
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