Copper On MCX Settled Up 0.17% - Ways2Capital

Copper on MCX settled up 0.17% at 363.85 on short covering after prices dropped amid weaker than expected German manufacturing data pointed to lower demand. Prices also seen supported by a fall in stockpiles at LME warehouses by 5,350 tonnes to 294,225 tonnes, down from a recent high of 340,350 tonnes in mid-May. The discount of LME cash copper to the three-month contract rose to $30 a tonne from $14 two weeks ago, indicating tighter supply.

Data showed German industrial orders dropped far more than expected in April as factories lacked new contracts for big ticket items, suggesting the sector started the second quarter on a weak footing. China's economy is likely to have remained on a stable footing in May, buoyed by solid gains in trade and investment as economic ties with the United States take a positive turn and infrastructure spending cushions domestic growth.

Japan's economic growth in the January-March period was severely revised down from the original estimate because of a downward adjustment in business inventories, the Cabinet Office said, underscoring the fragility of its export-led expansion. British Prime Minister Theresa May faces the voters on Thursday in an election she called to strengthen her hand in looming Brexit talks, with her personal authority at stake.

Technically market is under short covering as market has witnessed drop in open interest by -0.63% to settled at 16025 while prices up 0.6 rupees, now Copper is getting support at 361.9 and below same could see a test of 359.8 level, And resistance is now likely to be seen at 365.3, a move above could see prices testing 366.6.

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Suhani Verma

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