MCX Copper under short covering; Resistance seen at 441.1
Commodity Online | November 14 2019
UPDATED 09:40:26 IST

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Technically Copper market is under short covering as market has witnessed drop in open interest by 1.82% to settled at 7402 while prices up 0.55 rupees.

Now MCX Copper is getting support at 438.7 and below same could see a test of 437.3 levels, and resistance is now likely to be seen at 441.1, a move above could see prices testing 442.1.

Copper prices settled flat after U.S. President Donald Trump gave no new details on negotiations for a U.S.-China trade deal.However, the slide in copper prices was contained as supply uncertainty persisted due to social unrest at its top producer Chile.

U.S. President Donald Trump disappointed investors as he offered no major policy announcements or details on a venue and date for signing a trade deal with China as anticipated. While U.S. President Donald Trump told reporters he hasn't "agreed to anything", there are rising expectations that some sort of limited trade deal is becoming more plausible.

Copper inventories in LME-approved warehouses fell to a five-month low at 229,350 tonnes, while stocks in warehouses tracked by ShFE had fallen 44% since March to 148,687 tonnes. Most of Chile's copper miners said they had maintained their operations, albeit with some delays and sporadic unrest, amid calls for a general strike and a fresh day of social protests.

Money managers held a net short position of 17,838 contracts on the CME copper market as of the most recent Commitments of Traders Report. One month ago, that collective short position was 62,741 contracts and three months ago it was 74,597 contracts, an all-time record in terms of bear positioning.

Trading Ideas:
--Copper trading range for the day is 437.3-442.1.
--Copper prices settled flat after U.S. President Donald Trump gave no new details on negotiations for a U.S.-China trade deal.
--However, the slide in copper prices was contained as supply uncertainty persisted due to social unrest at its top producer Chile.
--U.S. President Trump disappointed investors as he offered no major policy announcements or details on a venue and date for signing a trade deal with China as anticipated.

Courtesy: Kedia Commodities

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