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Thursday, March 30, 2023

MCX Copper expected to trade between 459.1-472.3 levels

MCX Zinc likely to trade in a range between 194.4-201.4

MCX Natural Gas may trade in a range between 196.1-204.3

Crude Oil market under long liquidation; Support seen at 4020

MCX Silver may trade in a range between 39401-40781

Gold market under long liquidation; Support seen at 32837

Technically Copper market is getting support at 461.5 and below same could see a test of 459.1 levels and resistance is now likely to be seen at 468.1, a move above could see prices testing 472.3.

Copper on MCX settled down 1.13% at 463.75 edged lower after a private survey showed factory activity in top metals consumer China remained in contraction territory for a third straight month.

Copper is on course to end the week little changed as weak China data and fading hopes of a U.S.-China trade deal offset tight inventory levels. Last night base metals dropped on rupee firmness and after US data showed growth in the world’s largest economy was stronger than expected in the fourth quarter.

Now from data side the Commerce Department said Thursday that US GDP rose at a 2.6% annualised rate in the fourth quarter after expanding at a 3.4% pace in the third quarter, while the number of Americans filing applications for jobless benefits increased more than expected last week and the number of people on unemployment rolls increased to a 10-month high, suggesting some slowing in the labor market.

Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 225,000 for the week ended February 23, the Labor Department said on Thursday. Data for the prior week was revised to show 1,000 more applications received than previously reported.

In China, factory activity contracted for a third straight month in February, with the official manufacturing PMI coming in at 49.2 in February, down from 49.5 in January, according to data released by the NBS on Thursday. Now day ahead traders are looking towards Caixin February manufacturing PMI for China will be due today.

Trading Ideas:
–Copper trading range for the day is 459.1-472.3.
–Copper prices moved lower as ultra-tight stocks were overshadowed by a contraction in China manufacturing.
–LME copper stocks, excluding metal awaiting load-out, currently total a meagre 21,600 tonnes, the lowest since 2005.
–China imported a record amount of refined copper last year, 3.75 million tonnes, and the country’s appetite showed no signs of diminishing in January.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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