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Wednesday, May 31, 2023

MCX Copper likely to move in a range of 450.8-462.6

MCX Gold under long liquidation; Resistance seen at 32207

MCX Silver likely to move in a range of 37763-38841

MCX Crude Oil may trade between 3852-4020 levels

MCX Natural Gas under fresh Selling; Support seen at 196.9

MCX Zinc may move in a range of 194.9-199.5

Technically MCX Copper market is getting support at 453 and below same could see a test of 450.8 level, And resistance is now likely to be seen at 458.9, a move above could see prices testing 462.6.

Copper on MCX settled down 1.16% at 455 dropped on profit booking failed to hold gains amid of concerns about global growth after the OECD cut forecasts again for the global economy in 2019 and 2020.The US economy is heading into a “new normal” of slower growth that likely will keep monetary policy restrained, New York Federal Reserve President John Williams said March 6.

After a year where the economy accelerated close to 3%, GDP likely will slow to 2% this year despite a mostly favourable backdrop domestically, he added. China’s imports of copper scrap grew significantly y-o-y in Cu content in January even as Category Seven scrap imports were banned from the start of 2019.

According to the latest data from the Customs, China imported 180,700 mt of copper scrap in January, down 8% from January 2018. With an average Cu content of 75.83%, January’s imports of copper scrap contain about 137,000 mt of copper, soaring 39% from 98,800 mt in January 2018.

The ban on Category Seven copper scrap imports took effect on January 1. The increase in January allayed concerns of copper scrap supply tightness in China after the government clamped down on metal scrap imports. Now a day ahead China will release data on its foreign exchange reserve for February, and the US will release its ADP payroll data of last month, its trade account for December.

Trading Ideas:
–Copper trading range for the day is 450.8-462.6.
–Copper dropped amid concerns about global growth after the OECD cut forecasts again for the global economy in 2019 and 2020
–China’s private sector growth weakened marginally in February with softer growth in services activity, survey data from IHS Markit showed.
–China cut its GDP growth target for 2019 to a range of 6% 6.5% from the 2018 target of around 6.5%, citing challenges from rising debt.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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