Last Updated : 07 December 2012 at 17:50 IST
MCX Copper: Target pegged near Rs.439 for Friday
Source :Bloomberg, Commodity Online Research Desk
China is expected to come out with industrial output data for November on Dec. 9, with economists expecting a 9.8 percent rise in figures in contrast to 9.6 percent in October.
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Investors in MCX Copper are advised to take a short sell position around Rs.443 with stop loss of Rs.446 for target near Rs.439 Friday, according to Ankush Kumar Jain, Manager-Research, Metals-Energy; Commodity Online.
The US non-farm pay roll data scheduled to be released on Friday evening at 07.00 PM is expected to be bearish for base metals including copper unless the job data harbours some upside surprise.
“The focus in terms of data releases today will be the U.S. payrolls report given the link between the U.S. labor market and prospects for Fed easing,” Michael Hsueh, an analyst at Deutsche Bank AG in London, wrote in a report today and quoted by Bloomberg.
US non-farm pay roll may have seen an addition of 85,000 workers in November compared to 171,000 in October.
On India's MCX, copper for February delivery was seen trading at Rs.442.65 a loss of 0.39% as of 05.36 PM IST. Copper on the Comex is at $3.648 a pound charting a gain of 0.11% as of 5.41 PM IST.
Meanwhile, data has emerged that German industrial production has dipped as slow down caught up with the most vibrant economy in Eurozone. Germany has also reduced its growth outlook for next year. UK factory output too followed German industrial numbers.
“Commodity markets switched to risk-off mode,” Thomas Herrmann, global economist at Credit Suisse Group AG, said in a report today which was quoted by Bloomberg, “Renewed impetus from good economic numbers would be needed to turn sentiment around.” he added.
Importantly, China is expected to come out with industrial output data for November on Dec. 9, with economists expecting a 9.8 percent rise in contrast to 9.6 percent in October.
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