Copper MCX Tips Today : Technically Copper market is under short covering as market has witnessed drop in open interest by 7.27% to settled at 2652 while prices up 3.1 rupees.
Copper MCX Tips Today
Copper MCX getting support key 605 and below same could see a test of 600 levels, and resistance key is now likely to be seen at 618, a move above could see prices testing 622
Copper yesterday settled up by 0.51% at 610.25 as stronger-than-expected economic data from top consumer China lent support, though rising COVID-19 infections globally weighed on prices and assuaged expectations of a swift economic recovery.
China posted solid economic growth data in the last quarter of 2020, affirming that the world’s second-biggest economy is well on track for a recovery from the pandemic slump.
- China posted solid economic growth data in the last quarter of 2020, economy is well on track for a recovery.
- China imported 512,000 mt of unwrought copper and copper semis in December, down 8.73% from the previous month.
- Copper advanced as stronger-than-expected economic data from top consumer China lent support.
However, China reported more than 100 new virus cases for the seventh day in its worst domestic outbreak since last March, fuelling worries of further movement curbs that could dampen the economic recovery.
China imported 512,000 mt of unwrought copper and copper semis in December, down 8.73% from the previous month and 3.33% from the same period 2019, according to the General Administration of Customs.The import volume of unwrought copper and copper semis in 2020 stood at 6.68 million mt, a significant increase of 34.13% from 2019.
The most noticeable increase in imports in 2020 occurred in June-October as the import window which opened for an extended period drove large influx of imported copper. Domestic copper consumption recovered rapidly in Q2, while smelters conducted maintenance. Tight copper supply bolstered copper prices.
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