Copper On MCX Settled Up 0.01% At 361.25

Copper on MCX settled up 0.01% at 361.25 recovered from the day's low tracking London copper which rose but was mired near its lowest for the year after China's refined production surged in March, underlining ample stocks in the world's biggest metals consumer. Three-month copper on the London Metal Exchange rose by 0.7 percent to $5593 a tonne recovered after prices hit the weakest since early January at $5,530 a tonne.

Pressure seen after the update that Freeport McMoRan Inc has received preliminary approval to resume copper concentrate exports from the world's second-largest copper mine in Indonesia and hopes to apply for an export permit this week. Also Chinese refined copper output in March rose 8.5 percent from a year ago to 764,000 tonnes, the highest since at least December 2015, official data showed. Meanwhile traders are eyeing on update that Workers at miner Southern Copper in Peru completed their tenth day of an indefinite strike on Wednesday, though the company said it had not significantly impacted output.

Jorge Campos, the secretary general of the Unified Union of Workers of Southern Copper, said some 3,000 workers have walked off the job demanding a greater share of profits and more medical benefits. Now technically market is under short covering as market has witnessed drop in open interest by -4.79% to settled at 18182 while prices up 0.05 rupees, now Copper is getting support at 357 and below same could see a test of 352.6 level, And resistance is now likely to be seen at 365.6, a move above could see prices testing 369.8.            

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Suhani Verma

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