Copper On MCX Settled Down -0.63%

Copper on MCX settled down -0.63% at 380.85 while prices are trading in the broader range of 380-385 since last 1 week period, prices look firm with encouraging import data from China and improved prospects for the global economy supporting prices. Support can be seen after China posted stronger-than-expected June trade figures on Thursday, bolstered by firm global demand for Chinese goods and robust appetite for construction materials at home, but local curbs on lending could weigh on imports later this year.

Meanwhile trader are caution as workers at the Zaldivar copper mine in Chile, owned by Antofagasta Plc and Barrick Gold Corp, will resume talks with Antofagasta after voting to strike earlier this week, the union said on Thursday. Investors continued to cheer comments from Federal Reserve chair Janet Yellen suggesting that the pace of future rate hikes would be gradual while weak inflation data lifted sentiment.

A day after Janet Yellen signaled future rate hikes would be gradual, investors mulled over data showing a dip in inflation and a slowdown in the labor market. The producer price index climbed at a year-on-year rate of 2% in June, from a 2% rate the month prior. In separate report The U.S. Department of Labor said Thursday that initial jobless claims fell by 3000 to 247,000 in the week ended July 7, missing forecasts of a 5,000 decline.

Technically market is under fresh selling as market has witnessed gain in open interest by 7.45% to settled at 13952 while prices down -2.4 rupees, now Copper is getting support at 379.2 and below same could see a test of 377.5 level, And resistance is now likely to be seen at 383.9, a move above could see prices testing 386.9.

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Suhani Verma

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