Copper Rose And Ended The Week - Ways2Capital

Copper rose and ended the week with a gain of more than 2 percent thanks to dollar weakness and receding worries over China's economy. Stock markets in top metals consumer China ended the week higher, snapping a five-week losing streak as soothing regulatory comments and a central bank cash injection offset worries about growth. Copper stocks in warehouses monitored by the Shanghai Futures Exchange rose 0.7 percent from last Friday to 196,358 tonnes.

China's economy will likely expand around 6.8 percent in the second quarter of 2017, the State Information Center said in an article published in the state-owned China Securities Journal. The State Information Center is an official think tank affiliated with the National Development and Reform Commission, the country's top economic planning agency.

It forecast consumer inflation in the world's second largest economy of around 1.4 percent and expected an increase of about 6.5 percent in producer price inflation in the second quarter from the same period a year earlier. "Overall, China's economy will remain stable but with a slightly slowing trend," the think tank said in the paper. The State Information Center also said that steady growth of the economy may be inhibited due to worsening labor and debt conditions amid deepening cuts in excess industrial capacity.

China is aiming to expand its economy by around 6.5 percent this year, Premier Li Keqiang said during the annual meeting of parliament in March. Technically market is under short covering as market has witnessed drop in open interest by -3.7% to settled at 15881 while prices up 5 rupees, now Copper is getting support at 366 and below same could see a test of 362.3 level, And resistance is now likely to be seen at 371.8, a move above could see prices testing 373.9.

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Suhani Verma

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