Copper On MCX Settled Down

Copper on MCX settled down -0.07% at 383.8 tracking weakness in LME prices as immediate supply threats eased. Pressure also seen as the dollar held gains on brighter economic signals from the United States and traders waited for further U.S. and China economic cues for direction. Activity in China's manufacturing sector unexpectedly expanded at the fastest pace in nearly 5 years in March, adding to evidence that the world's second-largest economy has gained momentum early this year, an official survey showed. 

U.S. President Donald Trump set the tone for a tense first meeting with Chinese President Xi Jinping next week by tweeting on Thursday that the United States could no longer tolerate massive trade deficits and job losses. Workers at Peru's biggest copper mine, Freeport-McMoRan Inc's Cerro Verde, will resume work on Friday after voting to end a nearly three-week strike that had halved output, the union said. 

Freeport McMoRan Inc's Indonesian unit is close to reaching a deal that would allow the world's biggest publicly listed copper producer to temporarily resume concentrate exports, Indonesia's mining minister said. The failure of BHP Billiton and workers at its Escondida mine to agree on a wage deal after a long and bitter strike has stoked some concerns over the possible fate of other key contract talks at copper mines in Chile over the next year. 

Copper output in world No. 1 producer Chile fell 16.7 percent in February, when a strike hit the huge Escondida mine. Technically market is under long liquidation as market has witnessed drop in open interest by -3.79% to settled at 11391, now Copper is getting support at 380.5 and below same could see a test of 377.2 level, And resistance is now likely to be seen at 388, a move above could see prices testing 392.2.

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Suhani Verma

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