Copper On MCX Settled Down -0.26%

Copper on MCX settled down -0.26% at 387.75 as brighter factory demand from China supported prices. China's manufacturing sector reversed into growth mode in June, expanding at the fastest pace in three months after unexpectedly contracting in May, as new orders and production rose. Industrial metals were supported overall by data showing June factory activity and new orders growing at their fastest pace in three months. National Statistics Institute data showed Mexico’s copper output slid on a yearly basis in April.

Copper inventories in Shanghai bonded area fell by 2,000 tonnes in the week ending Jun. 30. The inventories were 545,000 tonnes this past week, down from 547,000 tonnes on a weekly basis. Goldman Sachs said in its report on Thursday that copper price is expected to keep advancing in the short term, and to rise to $6,200 per tonne, but fall to $5,500 per tonne in 2018, and slide further to $5,300 per tonne in 2019. In the week ahead, investors will be focusing on Wednesday’s minutes of the Fed’s latest meeting for fresh cues on the timing of the next U.S. rate hike.

Friday’s U.S. jobs report for June will also be closely watched. Technically market is under fresh selling as market has witnessed gain in open interest by 1.24% to settled at 14996 while prices down -1 rupees, now Copper is getting support at 385.8 and below same could see a test of 383.9 level, And resistance is now likely to be seen at 389.8, a move above could see prices testing 391.9.

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Suhani Verma

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