Technically Copper market is under fresh buying as market has witnessed gain in open interest by 1.57% to settled at 5548 while prices up 0.7 rupees.
Now MCX Copper is getting support at 462.2 and below same could see a test of 458.9 levels, and resistance is now likely to be seen at 468.4, a move above could see prices testing 471.3.
Copper yesterday settled up by 0.15% at 465.4 supported by resurgent Chinese demand, supply disruption and global stimulus.
Prices also seen supported as better-than-expected manufacturing data from China boosted hopes of an improvement in demand for the metal.
China's factory activity in June grew at its fastest pace since December and beat expectations, after the government lifted coronavirus lockdowns and ramped up support steps, a private business survey showed.
LME copper stocks hit their three-month low at 216,600 tonnes, stocks in Shanghai Futures Exchange (ShFE) warehouses at 99,971 tonnes are the lowest since January 2019.
On-warrant copper inventories in LME-registered warehouses fell by 1,200 tonnes to 111,650, the lowest since Jan 17.Freeport Indonesia's production of copper concentrate and copper ore were both below its initial targets this year.
Speculators are betting on higher copper prices, with a net long on the LME equal to 3.6% of active contracts, the biggest since January.
Chile´s manufacturing output plunged 13.3% in May, the national statistics agency said, as measures to combat the spread of coronavirus shuttered many of its businesses and forced a growing portion of its population into lockdown.
Copper output in the world´s top copper producer, however, crept up 0.6%, a slight uptick over the same month the previous year, hitting 495,604 tonnes in May.
--Copper trading range for the day is 458.9-471.3.
--Copper gains supported by resurgent Chinese demand, supply disruption and global stimulus.
--Freeport Indonesia's production of copper concentrate and copper ore were both below its initial targets this year.
--Stocks in Shanghai Futures Exchange (ShFE) warehouses at 99,971 tonnes are the lowest since January 2019.
Courtesy: Kedia Commodities