MCX Copper under long liquidation; Resistance seen at 450.4

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MCX under short covering; Support seen at 37790

Technically Copper market is under long liquidation as market has witnessed drop in by 11.67% to settled at 3807 while prices down 2.05 rupees.

Now MCX Copper is getting support at 446.4 and below same could see a test of 444.3 levels, and resistance is now likely to be seen at 450.4, a move above could see prices testing 452.3.

Copper on MCX settled down 0.46% at 448. as renewed concerns about trade uncertainties depressed prices, after prices rallied in previous session as the US delayed imposing some tariffs on Chinese imports.

’s industrial production and retail sales grew at weaker pace in July, suggesting a further loss of momentum in the world’s second-largest economy. Copper exports from the port of Matarani have resumed after anti-mining protests that had blocked key infrastructure in the country’s southern copper belt eased over the weekend.

Shipments from four mines that produce about half of Peru’s copper – Freeport-McMoRan Inc’s Cerro Verde deposit, MMG Ltd’s Las Bambas, Glencore PLC’s Antapaccay and Hudbay Mineral’s Constancia – had been suspended for nearly three weeks due to the unrest. China issued a third batch of quotas for imports of recently restricted type of scrap metals, including another 87,680 tonnes of high-grade copper scrap, as the world’s top metals consumer continues to tightly control waste shipments.

The quotas are being closely watched amid concerns that China is leaving itself short of a key supply source by curbing scrap imports. Copper scrap accounted for around 10% of China’s total copper consumption last year. The China Solid Waste and Chemicals Management Bureau, a unit of the country’s Ministry of Ecology and Environment, also awarded quotas for another 11,290 tonnes of aluminium scrap and a single quota for 400 tonnes of steel scrap.

Trading Ideas:
–Copper trading range for the day is 444.3-452.3.
–Copper dropped as renewed concerns about trade uncertainties depressed prices.
–Copper exports from the port of Matarani have resumed after anti-mining protests that had blocked key infrastructure in the country’s southern copper belt eased.
–China issued a third batch of quotas for imports of recently restricted type of scrap metals, including another 87,680 tonnes of high-grade copper scrap.

Courtesy: Kedia Commodities

Source: Commodityonline.com