Copper On MCX Settled Down -0.6% At 364.85

On MCX settled down -0.6% at 364.85 as the dollar recovered and investors eyed an increase in Shanghai inventories. Freeport McMoRan Inc said that mining and milling rates at its Grasberg copper mine in Indonesia had been affected by an extended strike. Concern about moderating demand trends in China including a slowdown in real estate price growth have unnerved the market. 

Global refined copper production is estimated to have remained essentially unchanged in the first two months of this year with primary production (electrolytic and electrowinning) declining by 3% and secondary production (from scrap) increasing by 11%, according to the latest figures from International Copper Study Group (ICSG).

In the week, traded TCs for imported copper concentrates remained at upward territory, up to $83 per tonne, in response to ample supply. Traders gave offers at $80-86 per tonne as of June 2, with some offers up to as high as $85 per tonne. Chilean government data showed Tuesday the country’s copper production slid 1.8% year-on-year in April due mainly to strike at the Escondida copper mine. Chilean copper output was 429,241 tonnes in April, compared to 436,902 tonnes in the same period of last year. Hedge funds and money managers trimmed their net long position in COMEX copper, U.S. Commodity Futures Trading Commission data showed. 

Traders and investors are starting to look over the horizon, as key marketplace developments in the coming days include general elections in the U.K. and a European Union central bank meeting on Thursday, and the Federal Reserve’s FOMC meeting next week. Technically now Copper is getting support at 362.5 and below same could see a test of 360 level, And resistance is now likely to be seen at 366.8, a move above could see prices testing 368.6.

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Suhani Verma

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