Copper On MCX Settled Up 0.22% At 363.80

Copper on MCX settled up 0.22% at 363.80 as support seen after centrist candidate Emmanuel Macron's strong performance in the first round of the French presidential election boosted appetite for cyclical assets, sending stock markets sharply higher. Sunday's vote, which could pave the way for pro-EU Macron to beat far-right rival Marine Le Pen in a deciding vote next month, delivered the outcome broadly favoured investors.
 
The euro also leapt. Nonetheless, copper remains vulnerable to a further correction, after an ding of the post-US election reflation trade pulled it back from first-quarter peaks. Three-month copper on the London Metal Exchange edged down 0.1 percent to $5,650.5 a tonne. Meanwhile Workers at mining company Southern Copper Corp in Peru have reached a deal with management to end a two-week strike, a union official and a company spokesman told on Monday.

Meanwhile, North Korea stoked geopolitical tensions, after the Kim Jong-un led nation said on Sunday that it was ready to sink a U.S. aircraft carrier, as two Japanese navy ships joined a U.S. carrier group in the western Pacific. Elsewhere, investors look ahead to details on President Donald Trump’s tax reform plan. President Donald Trump said Friday, he will unveil a tax plan on "Wednesday or shortly thereafter" that includes a “massive tax cut” for individuals and businesses. Now technically market is under short covering as market has witnessed drop in open interest by -5.32% to settled at 16312 while prices up 0.8 rupees, now Copper is getting support at 361.7 and below same could see a test of 359.5 level, And resistance is now likely to be seen at 365.4, a move above could see prices testing 366.9. 
 
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Suhani Verma

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