Copper On MCX Settled Down -0.22%

Copper on MCX settled down -0.22% at 379.25 as rising inventories indicated healthy supplies, which outweighed worries about possible strikes at mines in Chile. Also pressuring the metals market was subdued inflation data in top market China as the economy loses momentum. China's producer price inflation was unchanged in June amid lingering oversupply issues in the steel sector and as signs of economic weakness weighed on the outlook for prices.

Some investors have been worried that monetary tightening in China would hit economic growth, but Fu said the authorities there were wary about moving too fast. Stocks in LME warehouses rose by 4,900 tonnes to 319,975 on Monday and have gained 32 percent since June 28, showing supplies are adequate. Hedge funds and money managers in the week to July 3 raised their net long position in COMEX copper futures and options, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.

Now in the week ahead, investors will be focusing on Fed Chair Janet Yellen's testimony on monetary policy as well as U.S. data on inflation and retail sales, due out on Friday. The latest UK jobs report and the Bank of Canada’s meeting, both set for Wednesday, will also be closely watched.

Technically market is under long liquidation as market has witnessed drop in open interest by -1.77% to settled at 13794 while prices down -0.85 rupees, now Copper is getting support at 376.8 and below same could see a test of 374.4 level, And resistance is now likely to be seen at 381.2, a move above could see prices testing 383.2.

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Suhani Verma

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