Zinc market under fresh buying; Support seen at 195.8
MCX Nickel likely to move in a range of 915.1-957.3
MCX Aluminium may trade between 148.6-152.4
MCX Menthol Oil under long liquidation; Support seen at 1677.5
MCX Cotton under short covering; Support seen at 22526.6
Technically Copper market is under short covering as market has witnessed drop in open interest by 3.64% to settle at 11569 while prices up 0.3 rupees.
Now MCX Copper is getting support at 456.6 and below same could see a test of 453.7 levels and resistance is now likely to be seen at 462.6, a move above could see prices testing 465.7.
Copper seen supported amid shrinking inventories and in anticipation of growth in Chinese infrastructure and upbeat orders for stockpiling before the year-end.
China’s unwrought copper imports surged to their highest in 2-1/2 years in September, while copper concentrate imports climbed an all-time high.
Related Post
Copper imports to China, the world’s leading copper and aluminium consumer, include anode, refined, alloy and semi-finished copper products.
The country exported 507,000 tonnes of unwrought aluminium and aluminium products, including primary, alloy and semi-finished aluminium products, in September, down from August’s 510,000 tonnes.
China’s unwrought copper imports surged to their highest in 2-1/2 years in September, while copper concentrate imports climbed an all-time high as the world’s top copper consumer’s crackdown on scrap leaves it needing other forms of the metal.
China’s imports of copper, which include anode, refined, alloy and semi-finished copper products, rose 24 percent from August to 521,000 tonnes last month, data from the General Administration of Customs showed. The September imports were 21.2 percent higher than a year earlier and were the highest since March 2016.
Copper concentrate and ore imports last month rose 16.3 percent from August to 1.93 million tonnes, an all-time monthly high, and were 21.2 percent higher than a year ago.
Yangshan copper imports premiums have been at around at $120 per tonne since late September, matching levels not seen since 2015. Despite the high premiums, which point to strong demand for physical metal.
Trading Ideas:
–Copper trading range for the day is 453.7-465.7.
–Copper seen supported amid shrinking inventories and in anticipation of growth in Chinese infrastructure and upbeat orders for stockpiling before the year-end.
–China’s imports of copper rose 24.0 percent from month ago to 521,000 tonnes in September, data from the General Administration of Customs showed.
–Chinese data showed an unexpected acceleration in Chinese export growth in September and a record trade surplus with the United States.
Courtesy: Kedia Commodities
Source: Commodityonline.com
