Copper On MCX Settled Up 0.57%

Copper on MCX settled up 0.57% at 378.80 hit near three-month highs boosted by sharp falls in the dollar, signs of tighter supply and optimism over Chinese demand, although worries about U.S. economic growth capped the upside. Support can be also seen as China's economy continued to improve in the second quarter, with corporate profits rising and hiring up, a private survey showed, but it suggested the Asian giant may have to brace for tougher times ahead.

Pending home sales in the U.S. unexpectedly decreased for the third consecutive month in May, according to a report released by the National Association of Realtors. China is capable of achieving its full-year growth target and controlling systemic risks despite challenges, Premier Li Keqiang said, adding that maintaining medium to high-speed long-term growth will not be easy.

Meanwhile the U.S. dollar hit a more than nine-month low against the euro on Tuesday after the head of the European Central Bank opened the door to steps that might begin to reduce the central bank's emergency stimulus to the economy. China appointed a new environment minister who has promised a "protracted battle" to clean up the nation's notoriously polluted air, water and soil. New orders for key U.S.-made capital goods fell unexpectedly in May and shipments also declined, data released overnight showed, suggesting a loss of momentum in the manufacturing sector halfway through the second quarter.

Technically market is under short covering as market has witnessed drop in open interest by -3.04% to settled at 12214 while prices up 2.15 rupees, now Copper is getting support at 376.8 and below same could see a test of 374.7 level, And resistance is now likely to be seen at 380.1, a move above could see prices testing 381.3.

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Suhani Verma

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