Copper prices breach new high in December: Yes Securities

Copper prices in December breached a new high on the back of various global cues, according to Yes Securities.

Copper values breached USD 6,000 per ton level in December while the prices remained confined in a narrow range for most part of the year, it said.

"The recent momentum is attributed to increasing optimism about a US-China trade deal. Although slowing Chinese economy has dented metal demand growth, supply issues in Chile has tightened mine output. Most Chilean mines are reporting 2019 output declines," Hitesh Jain, Senior Analyst - Institutional Equities, Yes Securities, said.

On the inventory side, global copper stocks remain low and are offering an element of support, as is the fact that market is expected to be in deficit both this year and in 2020, he added