Copper On MCX Settled Up 2.09% At 380.55

Copper on MCX settled up 2.09% at 380.55 rose sharply on as support seen after the union representing a third of the 32,000 workforce sent a notice to Freeport on Monday threatening to strike from May 1 to the end of the month at the Grasberg mine, the worlds second-biggest copper mine. Thousands of workers from the Indonesian unit of Freeport McMoRan Inc staged a rally near its Papua mine on Monday, a union leader said, protesting against lay offs by the miner due to a contract dispute with the government. Freeport is trying to ramp up output and exports at Grasberg after reaching a temporary deal with the government following a 15-week stoppage linked to new mining rules, but customers are concerned that labour unrest could now hit supply. Freeport has laid off about 10 percent of its workforce and warned it could cut another 5,000 to stem losses, sparking protests from workers.

Meanwhile Investors returned from a three-day weekend in most of Asia with a renewed appetite for industrial commodities. The near across-the-board gains in both London Metal Exchange and Shanghai Futures Exchange prices were aided by advances in Asian stocks on easing concerns over North Korea. In the week ahead, markets will be paying close attention to Friday’s U.S. nonfarm payrolls report as well as Wednesday’s policy statement by the Federal Reserve. The euro zone is to release data on first quarter growth and the UK is to publish survey data that will further show the economic impact of last year’s Brexit vote. Technically market is under short covering as market has witnessed drop in open interest by -1.78% to settled at 12241 while prices up 7.8 rupees, now Copper is getting support at 373.2 and below same could see a test of 365.7 level, And resistance is now likely to be seen at 386.6, a move above could see prices testing 392.5.

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Suhani Verma

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