Copper On MCX Settled Flat At 367.60 Traded

Copper on MCX settled flat at 367.60 traded in the range and prices were shackled by holidays in China, some regional markets and the United States and UK. Overall sentiments remain weak as factory activity in China is expected to have grown at its slowest pace in eight months, as previous stimulus fades and policymakers focus on tackling rising debt - a sign the cool down in manufacturing will persist through 2017.

Also prices where under pressure since last week after Moody´s Investors Service downgraded China´s credit ratings for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise. On the demand side, indicators continue to point to an easing in Chinese growth.

Policies to control the housing market and the transition towards the services industries will see demand continue to gradually slow. Potential infrastructure spending in the US could improve demand, however little details have been revealed to date. Now markets awaited top consumer China to resume trading later this week when its factory data is also due for the next directional cues. While players are also looking ahead to this week's U.S. employment report on Friday for further signs of the Federal Reserve's likely rate hike trajectory through the end of the year.

Besides the monthly jobs report, this week's holiday-shortened calendar also features U.S. data on manufacturing and service sector growth, consumer confidence, auto sales, personal spending, core PCE inflation, as well as monthly trade figures. Now technically market is getting support at 364.8 and below same could see a test of 362 level, And resistance is now likely to be seen at 370.6, a move above could see prices testing 373.6.

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Suhani Verma

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