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Tuesday, July 5, 2022

MCX Copper may trade between 418.1-437.1 levels

Natural Gas market under fresh selling; Support seen at 190.9

MCX Crude Oil may trade in a range between 4636-4864

Silver market under fresh selling; Support seen at 38069

MCX Cotton under fresh buying; Support seen at 23954

Gold market under fresh selling; Support seen at 29747

Technically Copper market is getting support at 424.2 and below same could see a test of 418.1 levels and resistance is now likely to be seen at 433.7, a move above could see prices testing 437.1.

Copper on MCX settled up 1.12% at 430.15 on short covering as support seen after the report that China and the United States were trying to restart trade talks lifted sentiment, overshadowing an uptick in the dollar.

The U.S. and China are trying to restart talks on trade to avert a full-blown trade war between the world’s two largest economies. The report comes as focus shifted to U.S.-China trade tensions as the next wave tariffs on imported goods from China is expected to come into effect Wednesday, with China vowing to retaliate in kind.

Yet renewed efforts by both countries to find common ground on trade issues dominated trading direction in metals, offsetting a rise in the dollar. The U.S. dollar index rose by 0.18% to 94.31 as the Fed’s two-day meeting got underway.

Meanwhile Workers at Codelco’s Chuquicamata copper mine in Chile, the state miner’s second largest by output, walked off the job on Monday and blocked access to the mine, union leaders said, in a move criticised as “illegal” by Codelco.

The union at BHP’s Escondida mine in Chile, is expected overwhelmingly to reject the final contract offer from the Anglo-Australian miner, increasing the likelihood of a strike, a union leader told. Union members have until Wednesday to finish voting on the company’s proposal, when the union will conduct an official count. After that, either party can call for government-mediated arbitration that could last up to 10 days.               

Trading Ideas:
–Copper trading range for the day is 418.1-437.1.
–Copper prices recovered to settled with gains near 1.12% at 430.15 with talks of a strike at Escondida mine spurring the red metal higher.
–Workers at Codelco’s Chuquicamata copper mine in Chile, walked off the job on Monday morning and blocked access to the mine, union leaders said
–The union at BHP’s Escondida mine in Chile, is expected to overwhelmingly reject the final contract offer from the Anglo-Australian miner, increasing the likelihood of a strike.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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