Copper On MCX Settled Up 0.74%

Copper on MCX settled up 0.74% at 383.65 with encouraging import data from China and improved prospects for the global economy supporting prices. China's imports of copper and copper products for June were unchanged with May at 390,000 tonnes, according to official data, reflecting a decline in refined imports this year. China’s copper imports fell sharply in the first half of 2017, according to China Customs.

China imported 2.23 million tonnes of copper in H1 2017, a drop of 18.4% on a yearly basis. China’s imports of unwrought copper and copper semis were 390,000 tonnes in June, flat on the month and down 7.14% on a yearly basis. China posted stronger-than-expected June trade figures, 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.

The number of Americans filing for unemployment benefits fell last week for the first time in a month and producer prices unexpectedly rose in June, likely keeping the Federal Reserve on course for a third interest rate increase this year. 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, the union said.

Rodrigo Valdes, Chile’s Finance Minister, said the Ministry raised the average copper price forecast from $2.20 to $2.50 per pound. Technically market is under short covering as market has witnessed drop in open interest by -2.75% to settled at 13568 while prices up 2.8 rupees, now Copper is getting support at 381.3 and below same could see a test of 379 level, And resistance is now likely to be seen at 385.1, a move above could see prices testing 386.6.

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Suhani Verma

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