Copper On MCX Settled Down -0.88% At 382.35

Copper on MCX settled down -0.88% at 382.35 on a surge in warehouse stocks but the threat of strike action at two Chilean mines curbed losses. Chilean mining company Antofagasta Minerals was facing potential strikes from workers at its Zaldivar mine and by supervisors at Centinela as contract talks continue. The supply side and disruptions are to some extent offsetting the more bearish news surrounding the stock increases. The combined annual production at both Chilean mines is 160,000 tonnes of copper.

On-warrant copper inventories in LME warehouses - those not earmarked for shipment and available to investors - have soared by 47 percent to 213,900 tonnes since June 28 after inflows into mostly Asian depots, LME data showed. China's services sector grew at a slower pace in June as new orders slumped, signalling renewed pressure on businesses and pointing to a softening outlook for the economy of the world's largest consumer of commodities such as copper.

Benchmark copper on the London Metal Exchange slipped 0.9 percent to a one-week low of $5,841 per tonne in official trade. U.S. factory orders sank 0.8% in May following a smaller decline in April, below expectations of a 0.5% decline. Technically market is under long liquidation as market has witnessed drop in open interest by -4.41% to settled at 14166 while prices down -3.4 rupees, now Copper is getting support at 380.1 and below same could see a test of 377.9 level, And resistance is now likely to be seen at 385.4, a move above could see prices testing 388.5.

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Suhani Verma

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