MCX Settled Down -0.79% Copper

MCX settled down -0.79% at 380.75 as the end of a strike at Peru's biggest copper mine dampened fears of reduced supply that had driven the metal higher this quarter. Activity in China's manufacturing sector unexpectedly expanded at the fastest pace in nearly five years in March, adding to evidence that the world's second-largest economy has gained momentum early this year, an official survey showed.

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. 

Workers at Peru's biggest copper mine, Freeport-McMoRan Inc's Cerro Verde, will resume work after voting to end a nearly three-week strike that had halved output, the union said. Chile's state copper company Codelco produced 1.83 million tonnes of copper in 2016, of which 1.71 million tonnes came from its wholly-owned mines, down 1.4 percent from a year ago, the company said. 

Copper stocks held in LME warehouses, which have been declining for almost two straight weeks, fell another 6,375 tonnes to 291,175 tonnes, exchange data showed. Technically market is under fresh selling as market has witnessed gain in open interest by 16.87% to settled at 13313 while prices down -3.05 rupees, now Copper is getting support at 377.9 and below same could see a test of 375 level, And resistance is now likely to be seen at 384.1, a move above could see prices testing 387.4.

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Suhani Verma

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