Natural Gas market under fresh buying; Support seen at 204.1
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NCDEX Ref.Soya Oil may trade in range between 727-747
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Technically Copper market is getting support at 404.2 and below same could see a test of 400.5 levels and resistance is now likely to be seen at 412.1, a move above could see prices testing 416.3.
Copper on MCX settled up 0.02% at 407.80 holding key support of 406 level while sentiments remain weak tracking weak manufacturing data across major economies grew concerns about slower global growth. This reduced long positions in LME copper and ended it lower for the sixth consecutive trading day at $47,300/mt.
This week Copper slid for a second session as the market kicked off 2019 trading amid concerns over growth in top metals consumer China as the latest data showed slowing factory activity.
Pressure also seen as Chile’s copper production touched 540,720 tonnes in November, its highest level in 13 years, as ore grades and efficient processing favoured increased output in the world’s top producer of the red metal, the government said on Monday.
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Last night the US dollar increased as weak economic data from some major economies caused concerns over global growth, and sparked demand for safe havens. The dollar index, which measures the greenback against six major peers, rose 0.71% at 96.81 in late trading.
US President Donald Trump said on Wednesday that the US stock market suffered “a little glitch” in December but that it would go up once he negotiates trade deals with China and others.
From the economical data points Factory activity weakened across much of Europe and Asia in December as the US-China trade war and a slowdown in demand hit production in many economies.
Results of a Caixin survey on China’s manufacturing in December indicated that factory activity contracted for the first time in 19 months amid a trade dispute with the US.
Trading Ideas:
–Copper trading range for the day is 400.5-416.3.
–Copper recovered on short covering after prices seen pressure on concerns over China’s economic growth.
–China’s factory activity contracted for the first time in 19 months in December as domestic and export orders continued to weaken.
–Chile’s copper production touched 540,720 tonnes in November, its highest level in 13 years, as ore grades and efficient processing favoured increased output.
Courtesy: Kedia Commodities
Source: Commodityonline.com
