Copper On MCX Settled Up 0.81% At 361.45

Copper on MCX settled up 0.81% at 361.45 as mine workers in Peru considered launching a new strike and some investors regarded the lower prices as good value. Peruvian miners voted to approve a national strike in June to protest "anti-labor" government proposals, Ricardo Juarez, secretary general of the National Federation of Miners, Metallurgists and Steelworkers. Inventories in London Metal Exchange (LME) warehouses climbed by 36,800 tonnes, exchange data showed on Friday, bringing this week's surge to 40 percent. The impact of swelling stockpiles of the metal was compounded by data showing U.S. factory activity slowed in April while growth in China's manufacturing sector slowed more than expected. China’s copper and copper products imports rose 7.46% on a yearly basis to $ 9.454 billion during January and March.

Also a report showed that new orders for goods manufactured in the United States rose for a fourth month in March, but by less than expected. Meanwhile LME copper closed 1 percent down at $5,543 a tonne, having touched $5,494, its lowest since Jan. 4. The base metals have been under pressure recently, and on Wednesday the complex saw a big sell-off. Indonesian authorities on Thursday kicked off negotiations with Freeport McMoran Inc. over a contract dispute that has prompted the U.S. mining giant to scale down operations in the eastern province of Papua. Mining and commodities trading group Glencore has raised its operating profit forecast for the trading division this year by $100 million and said its mining operations were expected to recover from some weather-related disruption at the start of the year. Technically now Copper is getting support at 358.9 and below same could see a test of 356.2 level, And resistance is now likely to be seen at 363.1, a move above could see prices testing 364.6.
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Suhani Verma

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