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 LME 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. US 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 , 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 expected consumption to improve in March and growth to remain steady.

Courtesy: Kedia Commodities