MCX settled up 0.53% Copper

MCX settled up 0.53% at 376.65 recovered from the Monday’s fall tracking gains from LME copper which ended 0.4 per cent higher at $US5,778, after slipping to its lowest since March 27 at $US5,730. On Monday, it broke below the 100-day moving average at $5785, and ended with a 1.5 per cent loss. As pressure seen after the world's biggest copper mine Escondida has restarted production but is still some way from a return to full capacity after a strike that ended in late March, a senior executive from mine owner BHP Billiton, said. 

Chinese markets were out on holiday for a second day, draining the market of liquidity and direction in yesterday session also. From data side US manufacturing activity retreated from a 2-1/2-year high in March amid a decline in production and an inventory drawdown, but a surge in factory jobs indicated that the sector's energy-led recovery was gaining momentum. Nextweek's copper outlook look firm as support can be seen after the union leader at Southern Copper said on Tuesday that company should share more of its profits with workers in Peru to avoid an indefinite strike at its Toquepala and Cuajone mines starting on April 10. 

If confirmed, the strike would follow labor disruptions at Peru's biggest copper mine, Cerro Verde, and Chile's Escondida, the world's largest copper mine, earlier this year. Southern Copper Chief Executive told a labor agreement with workers was still in force and the company was not planning to give them a bigger share of profits, although it would seek agreement through dialogue. Technically market is getting support at 375.4 and below same could see a test of 374.1 level, And resistance is now likely to be seen at 377.6, a move above could see prices testing 378.5.

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Suhani Verma

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