The prices of MCX Copper remain lethargic for the second day of the week. The metal was trading Rs 307.3 per kg, down 0.32%. The prices tested a high of Rs 309.5 per kg and a low of Rs 306.7 per kg. Meanwhile, internationally the prices of Copper showed similar trends. The prices of COMEX Copper were $ 2.083 per pound, up 0.19%.
In news that could herald lower supply of metals produced by aging China smelters, China's parliament has proposed increasing tax benefits for companies that cut pollution by more than the national standard. Activity in China's manufacturing sector likely shrank for a second straight month in August but at a marginal pace.
Meanwhile, the issue of rising inventories in China and other parts of Asia is also bringing pressure on the higher side. Copper has been stuck in range of Rs 305 and 315 per kg from last few days. Any recovery or decline in Copper can prove decisive for near future.
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