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Sunday, July 3, 2022

Copper market under fresh selling; Support seen at 420

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Technically Copper market is under fresh selling and getting support at 420 and below same could see a test of 417.3 levels and resistance is now likely to be seen at 427.5, a move above could see prices testing 432.3.

Copper on MCX settled down 1.56% at 422.65 dropped on fresh selling extending a sharp drop from the previous session after economic growth in top metals consumer China slowed to its weakest in 28 years.

Last night the greenback continued its bullish momentum to start the week, as the US dollar index overnight climbed to the highest since January 4 at 96.43. The pound gained against the euro and US dollar after the UK Prime Minister Theresa May unveiled her plan to break the Brexit deadlock.

The Prime Minister spoke of “constructive” meetings with MPs but took aim at Labour leader Jeremy Corbyn for refusing to engage in Brexit talks unless the government ruled out a no-deal scenario.

May said leaving the EU without a deal can’t be ruled out, explaining: “We need to be honest with the British people, the right way to rule out a no deal is for this house to approve a deal with the EU. This is what this government is trying to achieve.”

Meanwhile China said on Monday that its economy expanded 6.6% in 2018, meeting expectations but slower than 6.8% in 2017. According to the NBS, GDP was about 90.03 trillion yuan last year, up 6.6% from a year earlier, exceeding the government’s growth target of 6.5%. The NBS said that the economy grew reasonably and maintained overall stability. For the fourth quarter of 2018, GDP growth came in at 6.4%, in line with expectations.              

Trading Ideas:
–Copper trading range for the day is 417.3-432.3.
–Copper prices slid amid concerns over slowing economic growth in top industrial metals consumer China.
–Prices last week seen supported on signs the trade dispute between the United States and China could be easing.
—China’s economic growth cooled slightly in the fourth quarter from a year earlier as expected, weighed down by weak investment.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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