Copper On MCX Settled Down -0.13%

Copper on MCX settled down -0.13% at 373.3 as the dollar firmed, but the metal held near the highs as expectations for upbeat Chinese demand and concern over mine supply lent support. New orders for key U.S.-made capital goods fell unexpectedly in May and shipments also declined, suggesting a loss of momentum in the manufacturing sector halfway through the second quarter. Profits earned by China's industrial firms in May rose 16.7 percent from a year earlier, the statistics bureau said, quickening from the previous month.

World Bureau of Metal Statistics (WBMS) reported global copper supply was in 5,000 tonnes of deficit during January-April 2017, compared to 69,000 tonnes of deficit in 2016. Copper inventories slid in April, but increased 82,000 tonnes in late April from late December 2016. Output from global copper mines totaled 6.55 million tonnes during January-April 2017, down 0.6% from the same period of last year.

Copper inventories in LME warehouses now down nearly 100,000 tonnes, or 28 percent, from their early May peak. Hedge funds and money managers cut their net long position in copper futures and options by 13,552 contracts to 49,285 in the week to June 20, U.S. CFTC data showed. TCs for imported copper concentrates dropped marginally in China’s market this past week.

Technically market is under fresh selling as market has witnessed gain in open interest by 1.43% to settled at 13328 while prices down -0.5 rupees, now Copper is getting support at 371.8 and below same could see a test of 370.3 level, And resistance is now likely to be seen at 374.9, a move above could see prices testing 376.5.

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Suhani Verma

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