Copper On MCX Settled Down -0.32% At 363

Copper on MCX settled down -0.32% at 363 as worries over political instability and global demand prompted investors to cut bets on higher prices. Three-month copper on the London Metal Exchange closed flat at $5,622.50 a tonne, leaving it down 1.2 percent in the week. Investors have overestimated global growth and the impact of supply disruptions at major copper mines. The global refined copper market had a 51,000 tonne surplus in January, up from a 44,000 tonne surplus in January last year, the International Copper Study Group (ICSG) said. But the strike at the Escondida mine in February-March meant "next month's report should reflect a tighter market". Freeport McMoran Inc's Indonesia unit has been granted a permit to export 1.11 million wet metric tonnes of copper concentrate until February of next year, a trade ministry official said. Freeport also warned that it would punish workers for absenteeism at its Indonesian operation, a day after one of its main unions announced plans for a one-month strike over employment conditions. Rio on Thursday cut full-year copper production guidance to 500,000-550,000 tonnes from up to 665,000 tonnes because of the Escondida strike in Chile and output cuts at the Grasberg mine in Indonesia. On-warrant inventories at LME-registered warehouses fell 9,025 tonnes to 150,950 tonnes. Stocks in warehouses monitored by the Shanghai Futures Exchange declined 11.5 percent to 240,191 tonnes from a week ago. Technically market is under fresh selling as market has witnessed gain in open interest by 2.13% to settled at 17228 while prices down -1.15 rupees, now Copper is getting support at 360.4 and below same could see a test of 357.9 level, And resistance is now likely to be seen at 365.7, a move above could see prices testing 368.5. 
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Suhani Verma

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