MCX Natural Gas may trade between 304-334.4 levels
MCX Crude Oil under fresh selling; Support seen at 3491
MCX Silver under fresh selling; Resistance seen at 36435
MCX Gold under fresh selling; Support seen at 30142
MCX Copper likely to trade in a range between 421-435.8
Technically MCX Copper is getting support at 430.9 and below same could see a test of 428.6 level, And resistance is now likely to be seen at 436, a move above could see prices testing 438.8.
Copper settled flat ahead of a meeting of global leaders at the G20 summit, where a long-standing trade dispute between China and the United States is expected to take centre stage.
Growth in China’s vast manufacturing sector stalled for the first time in over two years in November, missing expectations and adding pressure on Beijing to roll out more economic support measures amid a bitter trade war with the United States.
The official Purchasing Managers’ Index (PMI) fell to 50.0 in November from 50.2 in October, data showed. China’s economic growth cooled to its weakest pace since the global financial crisis in the third quarter and analysts expect further softening in coming months before a raft of government support measures begins to stabilise activity.
Chile’s Codelco produced 1.2 million tonnes of copper from its mines between January and September of 2018, down 3 percent from the previous year, the company reported in its third quarter results.
The world´s top copper miner posted a pretax profit of $1.418 billion in the same period, down 12 percent year-on-year, with a production cost per pound of copper of $1.389, an increase of 5 percent from 2017, the company said.
Copper stocks across Shanghai bonded areas increased by 3,200 mt from a week earlier to stand at 408,600 mt as of Friday November 30, data showed.
Domestic smelters stepped up export shipments and this accounted for the gains. Chinese miners are expected to produce 1.633 million mt in Cu content of copper concentrate in 2019, up 103,000 mt in Cu tent, or 6.7%, from 2018.
Trading Ideas:
–Copper trading range for the day is 428.6-438.8.
–Copper settled flat ahead of a meeting of global leaders at the G20 summit, where trade dispute between China and US is expected to take centre stage.
–Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 1.6 percent from last Friday, the exchange said.
–Chile’s Codelco, the world’s largest copper producer, said mine output fell 3 percent in the first nine months of the year as ore grades sharply declined.
Courtesy: Kedia Commodities
Source: Commodityonline.com
