Copper On MCX Settled Down -0.52%

Copper on MCX settled down -0.52% at 385.75 on profit booking tracking weakness in LME prices despite of fall in on-warrant stockpiles available to the market at LME warehouses to 176,125 tonnes. China's central bank said the shadow banking sector lacks sufficient regulation and the bank would give more prominence to financial risk controls. North Korea said it had conducted a test of a newly developed intercontinental ballistic missile that can carry a large and heavy nuclear warhead.

Chilean mining company Antofagasta Minerals, one of the biggest global copper producers, was facing potential strikes from workers at its Zaldivar mine and by supervisors at Centinela as contract talks continue. China's services sector grew at a slower pace in June as new orders slumped, signalling renewed pressure on businesses after a pickup in May and pointing to a softening outlook for the economy, a private business survey showed.

Activity in Japan's services sector accelerated from the previous month to expand at its fastest pace in almost two years, a private survey showed, in a sign that domestic consumption is in a healthy state. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to a seasonally adjusted 53.3 in June from 53.0 in May as new business, outstanding business and hiring expanded.

Technically market is under long liquidation as market has witnessed drop in open interest by -1.17% to settled at 14820 while prices down -2 rupees, now Copper is getting support at 383.9 and below same could see a test of 382 level, And resistance is now likely to be seen at 387.6, a move above could see prices testing 389.4.

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Suhani Verma

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