Copper On MCX Settled Up 0.25%

Copper on MCX settled up 0.25% at 362.45 recovering from lows on short covering after prices dropped amid worries about China's slowing economic growth and tighter capital markets in China. China's latest moves to curb shadow banking and risky investment dented the growth outlook in the world's top metals consumer. China's banking regulator tightened disclosure rules on lenders' wealth management products.

Separately, the China Banking Regulatory Commission unveiled plans to publish a flurry of regulations later this year to control financial risks. China's growth is set for its weakest patch since the global financial crisis as authorities pull back on stimulus. After clocking 6.9 percent in the first quarter thanks to spending on infrastructure and a property boom that policymakers want to rein in, analysts surveyed by Reuters reckon 2017 economic growth will just about make Beijing's target of 6.5 percent as it slows over the rest of the year.

China accounts for nearly half the world's demand for copper, widely used in construction and infrastructure. China’s refined copper cathode output is expected to slow further in 2017. China's copper smelting and refining capacity will increase to 7.70 million tonnes and 11.40 million tonnes, respectively, in 2017.

Technically market is under fresh buying as market has witnessed gain in open interest by 1.03% to settled at 17185 while prices up 0.9 rupees, now Copper is getting support at 360 and below same could see a test of 357.5 level, And resistance is now likely to be seen at 364, a move above could see prices testing 365.5.

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Suhani Verma

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