MCX Copper may trade between 438.3-456.1 levels

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Technically MCX Copper market is getting support at 441.7 and below same could see a of 438.3 level, And resistance is now likely to be seen at 450.6, a move above could see prices testing 456.1.

Copper on MCX settled down 1.69% at 445.15 as industrial output in top metals consumer China fell to a 17-year low in the first two month of 2019, while stocks of the metal used in power and construction rose. Other Chinese data showed a mixed picture as the jobless rate climbed but property investment strengthened.

Benchmark copper on the LME closed 1.1 percent lower at $6,404 per tonne, its lowest in nearly a week. President Donald Trump and Treasury Secretary Steven Mnuchin said on Thursday that discussions with China to end a months-long trade war are progressing quickly, though Trump said he could not say whether a final deal would be reached.

There were reports earlier saying a meeting between Washington and Beijing scheduled for later this month could be pushed back to at least April. Hopes for a resolution of the long-standing trade conflict have helped propel the LME index of six major base metals up nearly 9 percent so far this year.

Data point from US side the number of Americans filing for unemployment benefits increased more than expected last week, hinting at a slowdown in the labour market. Now traders are eyeing for today data that the eurozone will release its February CPI, and the US will release its industrial output for February and the University of Michigan consumer sentiment index for March.

Trading Ideas:
–Copper trading range for the day is 438.3-456.1.
–Copper dropped as pressure seen after Chinese industrial output growth dived to a 17-year low.
–Trump said he was in no rush to complete a trade pact with China, and insisted that any deal include protection for intellectual property.
–China’s statistics bureau said it expected consumption to improve in March and to remain steady.

Courtesy: Kedia Commodities

Source: Commodityonline.com