MCX Silver (Sep) MCX Price Below ₹ 39910, Buy Karna Mana Hai – Buyer Trap Game Running.
“No Magic, No Miracle, Just Power of Level”
Silver (July) Update : MCX Silver Price Below ₹ 39100, Trader Ready for Kohram
Neal Bhai Reports (NBR) By CFA’s and MFA’s Technical Team
Mobile No. 9582247600 & 9899900589
MCX Copper Under Selling Zone, Support seen @ ₹ 448
Copper on MCX settled down 0.54% at 452.3 as prices remained under pressure from escalating trade tensions between the United States and top metals consumer China. The floor price of imported copper concentrate treatment charges (TCs) for the third quarter has yet to be decided by the China Smelters Purchase Team (CSPT).
In anticipation of further upward room in the third quarter, the CSPT members were unwilling to suggest a reference price for the TCs in the hope of getting a better price. Another reason could be due to the varying inventory levels among the team members, which left them unable to reach an agreement.
China’s copper scrap imports in May declined 33.3% from a year ago to stand at 210,000 mt, data released by China Customs. This compared with a year-on-year drop of 36.7% recorded in April, and brought copper scrap imports from January to May to 950,000 mt. China’s stricter inspections of all US-imported scrap from May 4 accounted for the decline.
Copper scrap imported from the US took up 15% of China’s total imports and stood at 535,000 mt in 2017. The People’s Bank of China said it will lower the reserve requirement ratio (RRR) for 13 banks by 50 basis points, effective July 5 and unleashing some 700 billion yuan of liquidity. – Neal Bhai Reports
