Copper On MCX Settled Down -0.58%

Copper on MCX settled down -0.58% at 380.1 as the dollar gained after a report showed the U.S. economy created far more jobs than expected in June and the previous months, keeping the Federal Reserve on track to raise interest rates at least once this year. The mood in Chinese markets has been cautious ahead of a raft of data expected to show steady growth although government measures to rein in the housing market and debt risks are likely to drag on activity in the next few quarters.

Bets that the world's major central banks are moving closer to unwinding ultra-loose monetary policies have roiled global equities in recent days, while falling oil prices have also weighed. Copper inventories in Shanghai bonded zone decreased on a weekly basis during July 3-7. Bonded zone inventories in Shanghai were some 535,000 tonnes this past week, compared to 545,000 tonnes last week.

TCs of spot imported copper concentrate fell slightly this past week as supplies tightened. Spot TCs were quoted at $80-85 per tonne on July 7. Chile’s Antofagasta Minerals said it was facing potential strikes at two mines. Workers at Zaldivar will vote on whether or not to strike by the end of the week, while supervisors at the Centinela mine have already voted to strike, but a government mediation mechanism will extend negotiations for a few more days according to a spokesman for Chile’s mining federation said.

Technically market is under long liquidation as market has witnessed drop in open interest by -2.89% to settled at 14042 while prices down -2.2 rupees, now Copper is getting support at 378.3 and below same could see a test of 376.3 level, And resistance is now likely to be seen at 382.8, a move above could see prices testing 385.3.

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Suhani Verma

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