MCX Gold likely to move in a range of 30846-31246
MCX Silver may trade between 36364-37304 levels
MCX Crude Oil likely to move in a range of 4311-4527
MCX Natural Gas under short covering; Resistance seen at 282.6
MCX Zinc under Fresh buying; Support seen at 183.7
Technically Copper market is under short covering as market has witnessed drop in open interest by 4.15% to settled at 14489 while prices up 0.3 rupees.
Now MCX Copper is getting support at 430.2 and below same could see a test of 428.6 level, And resistance is now likely to be seen at 434.4, a move above could see prices testing 437.
Copper seen under pressure as signs of softening demand in China rekindled anxiety about the outlook for world growth. Chinese Premier Li Keqiang said Beijing will further open up its economy in the face of rising protectionism, as he headed for meetings with Asia-Pacific leaders in Singapore that are expected to focus on trade tensions.
The Fed held interest rates steady but remained on track to keep gradually tightening borrowing costs, as it pointed to a healthy economy that was marred only by a dip in the growth of business investment.
China, which consumes nearly half the world’s copper, registered a 19 percent month-on-month fall in copper imports in October, but that was a jump of 28 percent from the same time last year, data showed.
China’s production of copper cathode in October gained 0.53% from September and stood at 720,600 mt, showed data. This is down 0.26% from a year ago. This grew overall output in January-October from the corresponding period last year to 7.23 million mt.
Growth in October missed forecast of 731,600 mt due to production cuts across three major smelters Daye Nonferrous, Jinchuan Group, and Northern Copper Industry.
At the end of September, Northern Copper Industry shut its smelter in Houma city of Shanxi province. In January-November, overall output is expected to amount to 7.96 million mt, up 9.6% from the same period in 2017, based on production schedules across smelters.
Trading Ideas:
–Copper trading range for the day is 428.6-437.
–Copper seen under pressure as signs of softening demand in China rekindled anxiety about the outlook for world growth.
–Chinese Premier Li Keqiang said Beijing will further open up its economy in the face of rising protectionism.
–China, registered a 19 percent month-on-month fall in copper imports in October, but that was a jump of 28 percent from the same time last year, data showed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
