MCX Zinc under Fresh buying; Support seen at 186.8
MCX Nickel likely to move in a range of 764.8-796.6
MCX Aluminium under short covering
MCX Mentha Oil under long liquidation
Natural Gas market under fresh buying; Support seen at 323.4
Technically MCX Copper is getting support at 435.1 and below same could see a test of 429.7 level, And resistance is now likely to be seen at 445.1, a move above could see prices testing 449.7.
Copper on MCX settled up 0.48% at 440.55 as Rupee weakness supported after prices dropped as customs data released over the weekend showed a 3 percent year-on-year drop in unwrought copper imports by top consumer China.
China’s factory prices rose in November at their slowest pace since October 2016 as domestic demand lost further momentum, piling pressure on policymakers to unveil more measures to support the economy.
The dollar was struggling earlier in the day, weighed down by Friday’s sell-off in equity markets amid trade and growth concerns, and on speculation the Federal Reserve will pause monetary tightening sometime soon after the latest data on U.S. jobs missed estimates.
Related Post
China’s imports of unwrought copper and copper products in November registered the first year-on-year decline in 2018, by dipping 3% from around 470,000 mt in November 2017, showed data from China Customs.
On a monthly basis, November’s imports increased 8.6% from October and stood at 456,000 mt, according to the data. Customs data also showed that year-to-date unwrought copper and semis imports reached 4.87 million mt, up 14.9% from January-November in 2017.
China imported some 1.7 million mt of copper ore and concentrate in November, and around 18.25 million mt in January-November. US total available jobs stood at 7.08 million for October, the second-highest level surpassed only by the 7.3 million in August, the Job Openings and Labor Turnover Survey (JOLTS) showed.
Economic data slated for release today include China’s total social financing (TSF) and M2 money supply for November, Germany’s ZEW economic climate index for December and US producer prices for November.
Trading Ideas:
–Copper trading range for the day is 429.7-449.7.
–Copper gained as reports that the U.S. Federal Reserve could pause from raising interest rates helped the metals recovery.
–Pan Pacific Copper (PPC), expects the price of the industrial metal to rise toward $7,000 a tonne in 2019, from about $6,168 now.
–Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 5.5 percent from last Friday, the exchange said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
