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MCX Copper likely to trade in a range between 425.3-437.7
Commodity Online | September 13 2017
UPDATED 11:26:59 IST

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Technically MCX Copper is getting support at 428.1 and below same could see a test of 425.3 levels and resistance is now likely to be seen at 434.3, a move above could see prices testing 437.7. 

Copper on MCX settled down 0.99% at 430.85 as funds cut bets on higher prices, inventories in London Metal Exchange warehouses jumped and the dollar steadied at higher levels. Mine production is recovering from disruptions earlier this year.

Chile is reporting a growth in output and the issues between the Indonesian government and Freeport seem to have been resolved. LME data shows funds’ net long copper position at 71,827 lots, or more than 1.8 million tonnes, is down from a peak of 78,527 lots late in August but still near its highest since last December. 

Copper stocks in LME approved warehouses rose 10,300 tonnes to 218,725 tonne but remain 40 percent below this year’s peak of 354,650 tonnes. China’s imports of major commodities in August illustrate both why prices have gained in recent months and why this rally may be running out of steam.

The world’s largest copper producer saw output rise to 473,544 in July, up more than 5 percent year-on-year. Its output earlier this year fell due to a strike at Escondida; the world’s largest copper mine. Indonesia and Freeport-McMoRan reached an agreement late last month to allow the U.S. miner to apply for a permit to keep operating its giant Grasberg copper and gold mine in the country.

Grasberg is the world’s second-biggest copper mine. Benchmark copper on the LME ended down 1.2 percent at $6,668 a tonne, after hitting a three-year high of $6,970 a tonne last week. Prices are up around 20 percent this year.

Trading Ideas:
--Copper trading range for the day is 425.3-437.7.
--Copper dropped as funds cut bets on higher prices, inventories in London Metal Exchange warehouses jumped and the dollar steadied at higher levels.
--Copper stocks in LME approved warehouses rose 10,300 tonnes to 218,725 tonne but remain 40 percent below this year’s peak of 354,650 tonnes.
--LME data shows funds’ net long copper position at 71,827 lots, is down from a peak of 78,527 lots late in August but still near its highest since last December.

Courtesy: Kedia Commodities

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