MCX Mentha Oil under fresh selling; Support seen at 1787.3
Zinc market under short covering; Support seen at 188.8
Natural Gas likely to trade in a range between 266.7-328.9
Crude Oil market under fresh buying; Support seen at 4039
Silver market under short covering; Support seen at 36729
Technically Copper market is under short covering as market has witnessed drop in open interest by 3.55% to settled at 11850.
Now MCX Copper is getting support at 436.6 and below same could see a test of 430.3 levels and resistance is now likely to be seen at 446.7, a move above could see prices testing 450.5.
Copper on MCX settled up 1.43% at 442.9 after a Trump administration official told the list of items that China said it was not willing to negotiate was unacceptable to the United States. Prices received a further boost when the U.S. dollar weakened after Federal Reserve officials appeared to question the pace of interest rate rises and from strong U.S. manufacturing data.
Headline copper inventories in LME-registered warehouses fell by 5,425 tonnes to 161,025 tonnes, nearing last month’s 10-year low of 136,675 tonnes. Another signal of tight supply is the premium of cash copper over the three-month contract, which has drifted from a near four-year high of $47 last month to $18.50 but is still far above recent norms.
Chinese copper smelter Jiangxi Copper and miner Antofagasta agreed 2019 copper treatment and refining charges (TC/RCs) at $80.80 a tonne and 8.08 cents a pound in the first big deal for next year, lower than a 2018 benchmark of $82.25 a tonne and 8.225 cents a pound.
Chile’s state copper agency Cochilco lowered its average copper price prediction for this year by $0.03 to $2.97 per pound in its second negative projection in six months. Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 5.3 percent from last Friday, the exchange said.
Chile’s state copper agency Cochilco lowered its average copper price prediction for this year by $0.03 to $2.97 per pound on Thursday in its second negative projection in six months.
Trading Ideas:
–Copper trading range for the day is 430.3-450.5.
–Copper gained after a Trump administration official told the list of items that China said it was not willing to negotiate was unacceptable to the United States.
— Chinese copper smelter Jiangxi Copper and miner Antofagasta agreed 2019 copper TC/RCs at $80.80 a tonne and 8.08 cents a pound.
–Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 5.3 percent from last Friday, the exchange said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
