Copper On MCX Settled Up

Copper on MCX settled up 0.49% at 361.55 as the dollar dropped, but gains were dampened by evidence that China's economy encountered a soft patch in April. China's growth took a step back in April after a surprisingly strong start to the year, as factory output to investment to retail sales all tapered off as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy.

China's property resale market cooled a notch in April due to intensified government curbs, but chances are slim that prices would fall across the board as housing supply remains short, a top state think-tank said. A private gauge of U.S. home builder sentiment unexpectedly rose in May to its second strongest level since the housing bust nearly a decade ago, as the existing supply of homes remained tight.

Cochilco data showed Chile’s copper production slid 14.6%% in the first quarter of 2017 due mainly to the strike at the world’s largest copper mine. Chile produced 1.19 million tonnes of copper, compared to 1.39 million tonnes in the same period of last year. In the week ahead, investors will be looking to U.S. reports on building permits, housing starts, industrial production and jobless claims for fresh indications on the strength of the economy.

Technically market is under fresh buying as market has witnessed gain in open interest by 2.03% to settled at 17009 while prices up 1.75 rupees, now Copper is getting support at 360 and below same could see a test of 358.5 level, And resistance is now likely to be seen at 363.4, a move above could see prices testing 365.3.

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Suhani Verma

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