MCX Copper Tips for Today, 17 July 2023: Short (Sell) MCX Copper at 735—736 Target Price Paid SL (Stop Loss) Paid — Neal Bhai 9899900589 and 9582247600
Copper MCX Tips Today: Copper yesterday settled down by 1.82% at 697.8 amid concerns over demand due to Chinese power restrictions, put in place to keep emissions in check.
The most-traded August mcx copper contract on the Shanghai Futures Exchange fell as much as 2.3% to 67,400 yuan ($10,397.38) a tonne, its lowest since June 23.
Like many other commodities, copper prices have been on a tear in recent weeks. But the month of May has not been kind, at least in recent days: even though copper prices are up by +1.43% on the month, they are actually down -7.26% from their high set on May 10. Why might this be?
Nickel Copper Tips Today: Nickel MCX yesterday settled up by 2.29% at 1240 as supported after data showed inventories in warehouses monitored by the Shanghai Futures Exchange fell 10.4% from a week earlier, the exchange said.
Copper prices CMCU3 have extended their sharp recovery last week from the March lockdown lows of $4,371 to $7,973.5 a tonne, the highest since February 2013, buoyed by China’s solid demand and hefty investments by speculators amid monetary policy easing. views the current prices do not reflect fundamentals and the rally has been overdone.
🌟🌟🌟🌟🌟 China cut its benchmark one-year loan prime rate (LPR) by 20 basis points (bps) to 3.85%, while the five-year LPR was cut by 10 bps to 4.65%, in line with market expectations.
Shanghai copper prices rose to a near four-week high on Monday as supply worries rose following a fall in inventories and suspension of operations in major producer nations.
Base Metal Tips – Copper Prices: Net longs in the industrial metal grew slightly as funds marginally cut back on their short positions by 1%. However, copper could be starting to top out as investors refrain from taking up fresh longs.