Copper On MCX Settled Up 0.9%

Copper on MCX settled up 0.9% at 376.65 continuous to hold gains on short covering as prices got support from a weaker dollar and amid concerns over Chinese demand in a tighter credit environment. 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.

China is capable of achieving its full-year growth target and controlling systemic risks despite challenges, Premier Li Keqiang said on Tuesday, 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 on Tuesday appointed a new environment minister who has promised a "protracted battle" to clean up the nation's notoriously polluted air, water and soil. Yesterday upside was capped as weak U.S. durable goods figures and a firm dollar. 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.

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, US CFTC data showed on Friday. Technically market is getting support at 373.3 and below same could see a test of 369.9 level, And resistance is now likely to be seen at 379.1, a move above could see prices testing 381.5.

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Suhani Verma

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