MCX Copper likely to trade in range between 439.7-454.1

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Technically market is getting support at 442.6 and below same could see a test of 439.7 levels and resistance is now likely to be seen at 449.8, a move above could see prices testing 454.1.

Copper on MCX settled up 0.15% at 445.35 with support from shortages created by tumbling inventories on the Metal Exchange countering concern over growth and demand because of the U.S.- trade dispute.

Benchmark copper on the ended unchanged at $6,160 a tonne, having touched a session high of $6,240. Inventories of copper in -approved warehouses, at 143,125 tonnes, are down more than 60 percent since the 2018 peak near 390,000 tonnes. The problem is compounded by cancelled warrants — metal earmarked for delivery — at nearly 54 percent of total stocks and a large holding of copper warrants between 50 and 79 percent.

Profit growth at Chinese industrial companies slowed for the fifth consecutive month in September as sales of and manufactured goods ebbed further, pointing to cooling domestic demand.

China’s major stock indexes fell sharply on Monday as earnings reports on industrial and consumer companies sent fresh jitters through the market, raising concerns about a slowdown in . Last night the dollar edged higher against the euro on Monday, on news German Chancellor Angela Merkel would not seek re-election as head of her Christian Democratic Union party.

Now a day ahead data slated for release today include ’s unemployment rates and consumer inflation for October, the eurozone’s business climate and consumer confidence for October as well as gross domestic product for the third quarter and the Conference Board’s US-based consumer confidence index for October.

Trading Ideas:
–Copper trading range for the day is 439.7-454.1.
–Copper settled flat after authorities in China said they would take measures aimed at bolstering growth and liquidity.
–The is preparing to announce tariffs on all remaining Chinese imports by early December.
–Glencore reported a 12 percent rise in copper production so far this year.

Courtesy: Kedia Commodities

Source: Commodityonline.com