Copper On MCX Settled Down -1.16%

Copper on MCX settled down -1.16% at 367.4 as momentum sparked by a strike at copper mines, Indonesia's Grasberg, eased ahead of the long weekend break in China, the U.S. and Britain. Freeport McMoRan Inc said that mining and milling rates at its Grasberg mine in Papua, Indonesia have been affected by an extended strike, and a "large number" of about 4,000 absentee workers were deemed to have resigned.

National Australia Bank sees a largely balanced market for 2017 and a small surplus in 2018, with prices averaging $5,720 a tonne. China's structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody's said.

China bonded copper premiums jumped $10 to $75, off the year's lows to the highest since March amid drawdowns from Chinese exchange inventories. Premiums for zinc to China on a cost insurance and freight basis rose $5 to $135, the highest since March 2016. The world refined copper market in Jan-Feb was in a surplus of 150,000 tn due to decline in demand from China, The International Copper Study Group said. 

The usage of refined metal grew 1.5% in Europe and 6% in Asia, excluding China. However, demand in China fell by 9.5% and in North and South American countries by 1%, dragging down total usage in Jan-Feb by 3%, the report said. China accounts for 47% of global refined copper demand, according to the report. Technically now Copper is getting support at 364.4 and below same could see a test of 361.3 level, And resistance is now likely to be seen at 371.6, a move above could see prices testing 375.7.

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Suhani Verma

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