MCX Zinc may trade in a range between 172.2-181.8
Natural Gas market under fresh buying; Support seen at 205.4
MCX Crude Oil may trade in a range between 4907-5035
Silver market under fresh selling; Support seen at 37282
Gold market under fresh selling; Support seen at 30039
Technically MCX Copper is getting support at 421.2 and below same could see a test of 418.5 levels and resistance is now likely to be seen at 428.6, a move above could see prices testing 433.3.
Copper on MCX settled down 1.82% at 423.8 as an unexpected boost in China’s manufacturing sector was offset by more trade tensions between the world’s two largest economies.
Prices were pressured along with global share markets after a report that U.S. President Donald Trump was prepared to ramp up a trade war with China and has told aides he is ready to impose tariffs on $200 billion more in Chinese imports.
However, downside seen limited supported by robust Chinese import premiums for physical metal at about $84 a tonne, down from last week’s near two-year high of $86 a tonne.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange (ShFE) fell 5.9 percent from the previous week to 138,001 tonnes, while on-warrant LME copper stocks declined 4,600 tonnes to the lowest levels in about a year, data showed.
Growth in China’s services industry picked up in August after dipping the previous month, an official survey showed, offering some cushion for the slowing economy as the United States ratchets up punitive tariffs on Chinese goods.
Striking workers at state-owned Codelco’s Andina copper mine have rejected their employers’ latest contract offer, the company and union said. The 83 workers of the Plantas de Andina union began a strike on Aug. 20 after contract negotiations over salaries and bonuses failed.
The union rejected the company’s latest offer, a $15,900 package of bonuses and benefits that included a 1 percent salary increase and signing bonus of $10,800, Codelco said in a statement.
Trading Ideas:
–Copper trading range for the day is 418.5-433.3.
–Copper prices dropped as an unexpected boost in China’s manufacturing sector was offset by more trade tensions between the world’s two largest economies.
–However, downside seen limited supported by robust Chinese import premiums for physical metal at about $84 a tonne, down from last week’s near two-year high of $86 a tonne.
–Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 5.9 percent from last Friday, the exchange said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
