Zinc market under long liquidation; Support seen at 186.4
Natural Gas market under short covering; Support seen at 216.2
Crude Oil market under fresh buying; Support seen at 3733
Silver market under fresh selling; Support seen at 38768
MCX Gold likely to trade in a range between 31878-32218
Copper on MCX settled down 0.6% at 416.75 amid concerns over slowing economic growth in top industrial metals consumer China. The International Monetary Fund (IMF) cut its world economic growth forecasts for 2019 and 2020, due to weakness in Europe and some emerging markets.
Meanwhile, world leaders and top executives are meeting in Davos, Switzerland, this week to discuss how to steer policy amid worries of slowing economic growth, damaging trade wars and Brexit. China will step up fiscal spending this year to support its economy, focusing on further cuts in taxes and fees for small firms, finance ministry officials said.
Mounting pressure on the world’s second-biggest economy pushed growth last year to its lowest since 1990 even as Beijing stepped up stimulus measures and spurred banks to lend more. China’s December refined copper output rose by 4.5 percent year-on-year to 839,000 tonnes, its highest monthly total in 2018, the National Bureau of Statistics said.
Arrivals of China’s scrap copper last month rose to 250,000 tonnes, the highest since December 2017, from 220,000 tonnes in November, customs data showed.
The global world refined copper market showed a 15,000-tonne deficit in October, compared with a 161,000-tonne deficit in September, the International Copper Study Group (ICSG) said in its latest monthly bulletin.
The Bank of Japan cut its inflation forecasts and warned of rising risks to the economy from faltering global demand, further pushing back policymakers’ years-long efforts to foster durable growth.
Trading Ideas:
–Copper trading range for the day is 410.6-423.8.
–Copper prices dropped amid concerns over slowing economic growth in top industrial metals consumer China.
–China’s December refined copper output rose by 4.5 percent year-on-year to 839,000 tonnes, its highest monthly total in 2018, the National Bureau of Statistics said.
–Arrivals of China’s scrap copper last month rose to 250,000 tonnes, the highest since December 2017, from 220,000 tonnes in November, customs data showed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
