Copper - Feb 24, 2021 - Reliance Securities
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Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
LME Copper prices extended gains on Tuesday, while the rest of metals ended mixed.
Copper ended higher on Tuesday, tracking overseas prices, while the rest ended lower on Tuesday.
The Dollar Index weakened on Tuesday and lent support.
Federal Reserve Chair Jerome Powell said interest rates would remain low and the Fed s bond purchases will continue at least at the current pace until they make substantial further progress towards their goals.
The roughly 24 million tonne a year refined copper market is already in deficit and was undersupplied by 589,000 tonnes in the first 11 months of 2020, the International Copper Study Group (ICSG) said.