Copper On MCX Settled Up 0.94%

Copper on MCX settled up 0.94% at 368.9 helped by news and data from China that indicated higher demand for the commodity. China's securities regulator said it will encourage wealth management firms to invest in commodity futures in a bid to promote its domestic derivatives industry and raise the amount of commodities in the country's assets under management.

Home prices levelled off in China's biggest cities in May but continued to climb nationwide, indicating demand remains resilient despite government measures to keep the market from overheating.

Confidence among Japanese manufacturers bounced in June to match a decade-high level recorded in April and is expected to rise for several months, a survey found, providing more evidence of economic recovery. Japan's copper cable shipments, including sales and exports, in May rose 3 percent from a year earlier to 50,700 tonnes on an estimated basis, the Japan Electric Wire and Cable Makers' Association said.

Speculators increased their net long position in copper futures and options, latest data from the U.S. Commodity Futures Trading Commission showed. National Bureau of Statistics (NBS) data showed China’s copper cathode output increased 6.8% on a yearly basis to 727,000 tonnes in May. China’s copper cathode output was 3.586 million tonnes in the first five months of this year, a rise of 7.2% year-on-year.

Technically market is under short covering as market has witnessed drop in open interest by -5.74% to settled at 15350 while prices up 3.45 rupees, now Copper is getting support at 366.3 and below same could see a test of 363.7 level, And resistance is now likely to be seen at 370.7, a move above could see prices testing 372.5.

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Suhani Verma

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