Technically Copper market is under short covering as market has witnessed drop in open interest by 4.21% to settled at 11435 while prices up 4.2 rupees.
Now MCX Copper is getting support at 442.5 and below same could see a test of 437.9 levels and resistance is now likely to be seen at 451.2, a move above could see prices testing 455.3.
Copper on MCX settled up 0.95% at 446.95 on short covering as support seen looming economic data from China amid signs Western-led strikes on Syria weren't likely to escalate.
Yesterday the dollar fell against most peers with stocks rose as geopolitical tensions faded and investors turned to what’s expected to be a blowout corporate earnings season.
Support also seena after China's imports of copper rose 25.4 percent from month ago to 439,000 tonnes in March, data from the General Administration of Customs showed. Copper imports to China, the world's leading copper and aluminium consumer, include anode, refined, alloy and semi-finished copper products.
The country exported 452,000 tonnes of unwrought aluminium and aluminium products, including primary, alloy and semi-finished aluminium products, in March, up from February's 370,000 tonnes.
Meanwhile Hedge funds and money managers raised their net long positions in COMEX gold and copper contracts in the week to April 10, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.
Today China's data was out suggesting economy will grew 6.8 percent in the first quarter of 2018, the statistics bureau reported on Tuesday. That topped a consensus estimate of 6.7 percent year-over-year growth for the quarter.
Now metals traders will be keeping a close eye on geopolitical developments in the coming week amid heightened tensions between the U.S. and Russia in the wake of U.S.-led missile strikes on Syria and the latest round of U.S. sanctions on Russia.
--Copper trading range for the day is 437.9-455.3.
--Copper gained as losses in the U.S. dollar bolstered, though gains were muted as financial markets bet that air strikes on Syria would not escalate into a wider conflict.
--China's imports of unwrought copper and copper products in March grew 22% month on month and stood at 439,000 mt, according to data from China Customs.
--China likely carried most of its strong economic momentum from last year into the first quarter of 2018.
Courtesy: Kedia Commodities