Technically Copper market is getting support at 450.7 and below same could see a test of 442.1 level, And resistance is now likely to be seen at 464.7, a move above could see prices testing 470.1.
Copper on MCX settled up 0.12% at 459.25 gained on fresh buying, as prices recovered from the day's low after prices caught up in a surge of selling on global stock markets. Stocks slumped and Chinese share indexes hit multi-year lows after Wall Street suffered its worst drubbing in eight months.
Investors have been spooked by the prospect of rising U.S. interest rates, a spike in U.S. bond yields and uncertainty over trade and the global economic outlook. These market forces have overpowered a positive supply and demand situation for metals.
Also concerns seen as US President Donald Trump warned on Thursday there was much more he could do that would hurt China’s economy further, showing no signs of backing off an escalating trade war with Beijing. Last night the dollar fell to low in two weeks as traders pared greenback holdings on lower US Treasury yields and further losses on Wall Street.
A weaker-than-forecast rise in US consumer prices in September also reduced bets for a faster pace of interest rate increases by the Federal Reserve, further eroding the dollar's appeal.
The euro climbed to a week-high against the dollar as minutes of the ECB's policy meeting last month suggested that policy-makers have not abandoned their plan to end the ECB's 2.6 trillion-euro bond-purchase programme this year. Now a day ahead some data to monitor today include Germany’s consumer prices in September, and US import prices in September and consumer confidence in October.
--Copper trading range for the day is 442.1-470.1.
--Copper remained under pressure tracking a broad sell-off on equity markets as a gloomy macro-economic outlook raised concerns over demand growth.
--BHP, expects a plant at its Olympic Dam mine to restart this month following repairs.
--The International Monetary Fund cut China's 2019 growth forecast to 6.2 percent from 6.4 percent, leaving the 2018 forecast unchanged at 6.6 percent.
Courtesy: Kedia Commodities