On MCX Settled Down -1% at 365.20

On MCX settled down -1% at 365.20 prices dropped from the day's high as stronger dollar that pushed prices lower overnight. Also pressure seen after the update that the global refined copper market saw a surplus of around 165,000 mt in the first quarter of 2017, according to preliminary data released Tuesday by the International Copper Study Group. Factoring in changes to private, unreported copper stocks in China, the first-quarter surplus rose to about 310,000 mt.

While World mine production is estimated to have declined by around 3.5% year on year in the first quarter to 4.63 million mt, with concentrate production declining by around 3% and solvent extraction-electrowinning declining by 6%. The decline was mainly related to a 14% year-on-year decline in Chilean production, which was affected by a strike at the Escondida mine, as well as lower output from state-owned Codelco.

China imported 41,400 tonnes of copper concentrates via Port of Ganqimaodu in May 2017, down 53.22 YoY, and 333,300 tonnes in January-May, down 21.5% YoY. The country's coal imports via Port of Ganqimaodu rose 111.51% YoY to 1.87 million tonnes in the month and totaled 8.28 million tonnes in the first five months of 2017, up 150.7% YoY.

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 fresh selling as market has witnessed gain in open interest by 5.95% to settled at 16264 while prices down -3.7 rupees, now Copper is getting support at 362.9 and below same could see a test of 360.6 level, And resistance is now likely to be seen at 368.3, a move above could see prices testing 371.4.

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Suhani Verma

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