Gold Silver Reports – Copper MCX Sell on Rise, Downside Target 449—444 – Technically Copper market is under fresh selling as market has witnessed gain in open interest by 6.85% to settled at 12282 while prices down 2.25 rupees.
Copper MCX Sell on Rise
Copper MCX is getting support at 449 and below same could see a test of 444 levels and resistance is now likely to be seen at 456, a move above could see prices testing 462.
Copper on MCX settled down 0.5% at 450.45 on profit booking after prices gained buoyed by the first acceleration in China’s GDP growth in seven years. BHP’s copper output jumped 20 percent to 429,000 tonnes in the quarter to end-December helped by a rise in production from its Escondida copper mine in Chile.
China’s economy grew faster than expected in the fourth quarter of 2017, as an export recovery helped the country post its first annual acceleration in growth in seven years, defying concerns that intensifying curbs on industry and credit would hurt expansion.
China’s unwrought copper imports fell 4.3 percent in December from a month earlier, but still recorded their second-highest level in 2017 as winter restrictions on domestic production kept demand for metal from overseas buoyant.
Read More: Metals Power Higher as Sickly Dollar Spurs Copper-to-Gold Rally
Last month’s arrivals of unwrought copper, which includes anode, refined, and semi-finished copper products stood at 450,000 tonnes, according to Chinese customs data showed. Imports for the whole of 2017 were 4.69 million tonnes, down 5.1 percent on the year and the lowest annual number since 2013, customs said.
Restrictions on industrial output this winter have affected some of China’s biggest copper smelters. Last month’s copper concentrate imports came in at 1.65 million tonnes, customs said. That was down 7.3 percent from the all-time high of 1.78 million tonnes in November, but flat year-on-year, and also the second-highest level seen in 2017. – Neal Bhai Reports
