MCX Copper Tips for Today: Copper Friday Settled down by 0.88% at 745.10 amid fears of weaker demand due to a power crisis in Asia and Europe.
Commodity Copper Trading Tips
MCX Copper is getting support key @ 727 and below same could see a test of 724 levels, and resistance key is now likely to be seen at 752, a move above could see prices testing 765.
MCX Copper prices rose earlier in October to as high as $10,452.50 a tonne in London and 76,490 yuan a tonne in Shanghai, flirting with their record highs as inventories in exchange warehouses dropped to multi-year lows.
ShFE copper inventories were last at 39,839 tonnes, a level unseen since June 2009, while on-warrant LME stockpiles hit their lowest since 1998 earlier in the month before picking up slightly in recent sessions.
Read More: Copper Set to Rule Around $10,000 a Tone in The Short-Term
Money managers were net long copper on COMEX to the tune of 54,030 contracts, as of Oct. 19, latest exchange data showed, and the highest since May 11 when prices of the metal just hit their historic highs.
Read More: Copper Spread Widens to Most in More Than 25 Years on Supply Squeeze
China’s central bank injected 200 billion yuan ($31.29 billion) through seven-day reverse repurchase agreements into the banking system, bringing the weekly net cash injection to the highest in 21 months.
Copper Short Term Tips MCX
- MCX Copper trading zone for today 727—752.
- Copper prices dropped amid fears of weaker demand due to a power crisis in Asia and Europe.
- ShFE copper inventories were last at 39,839 tonnes, a level unseen since June 2009.
- Money managers were net long copper on COMEX to the tune of 54,030 contracts, the highest since May 11.
The People’s Bank of China (PBOC) said its website said the move was to “maintain stability in month-end liquidity conditions.” For the week, the PBOC has net injected 680 billion yuan through reverse repos, biggest weekly cash offering since January 2020.
