Copper On MCX Settled Down -1.33% At 356.65

Copper on MCX settled down -1.33% at 356.65 after data showed a sharp drop in imports into China, the world's biggest consumer, feeding pessimism over demand following hefty inflows into London Metal Exchange inventories last week. Three-month copper on the London Metal Exchange closed 1.8 percent down at $5,486 a tonne, having earlier touched $5,462.50, its lowest since Jan. 4. China's April copper imports fell 30 percent month on month to 300,000 tonnes, data from the General Administration of Customs showed, and were down by a third from a year ago as a subdued outlook for industrial activity weighed on demand. Copper inventories in London Metal Exchange (LME) warehouses dipped by 3,100 tonnes on Friday, exchange data showed, after surging by more than 100,000 tonnes in the previous three days. Money managers raised their net long position in copper futures and options in the week to May 2, Commodity Futures Trading Commission (CFTC) data showed.

Meanwhile the dollar index remains on a back footing at 98.60, even the better than expected US employment report did not provide lift. The low on Friday was 98.54. The combination of weak dollar-based metals prices and a weak dollar will make metals prices even cheaper in local currencies. Emmanuel Macron’s victory in the French election has boosted the euro. Technically market is under fresh selling as market has witnessed gain in open interest by 4.85% to settled at 17730 while prices down -4.8 rupees, now Copper is getting support at 354.1 and below same could see a test of 351.4 level, And resistance is now likely to be seen at 359.2, a move above could see prices testing 361.6. 
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Suhani Verma

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