Copper on MCX settled up 0.54% at 418.50 gained on short covering as a weaker US dollar and improved market sentiment are expected to continue to buoy copper prices in the short run. While 422 will act as strong resistance as the trade war between the United States and China clouded the demand-outlook for industrial metals.
Copper MCX : What You Think?? Next Target ₹ 422 — ₹ 427, Support & Stop Loss Paid – Neal Bhai Reports
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Neal Bhai Reports (NBR) By CFA’s and MFA’s Technical Team
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A surging Chinese yuan is likely to drive LME copper to outperform the contract yesterday. Three-month copper on the London Metal Exchange had dropped 0.6 percent to $6,066.50 a tonne by 0330 GMT, while the most-traded copper contract on the Shanghai Futures Exchange slid 0.4 percent to 48,540 yuan ($7,061.39) a tonne.
The U.S. Commerce Department said on Monday it had made a preliminary determination that imports of certain steel wheels from China were subsidized at rates ranging from 58.75 percent to 172.51 percent, and it would impose duties on the product.
China’s investment growth, already at record lows, may weaken even further in the future and authorities should step up fiscal and financial measures to give it a boost, the state planner said on Monday.
