" /> Copper Jump on Weak Dollar | Gold Silver Reports
Thursday, October 27th, 2016 2:32 AM
Breaking News

Home / Commodity News / Copper Jump on Weak Dollar

Copper Jump on Weak Dollar

gsr-copper-mcx-neal-bhai-reportsGold Silver Reports — MCX Copper edged higher on Monday on the back of a weaker dollar but gains were kept in check after lackluster rises in Chinese home prices fuelled worries about demand in the world’s top metals consumer. Data on Monday showed home price rises in China slowed in June for a 2nd straight month, adding to concern over the sustainability of a construction-led economic rebound.

This slowing increase in Chinese house prices have seen over the weekend puts the focus back on the medium-to-longer-term issue, which is oversupply in the real estate market. Euphoria in the steel and iron ore markets is clearly fading again based on the home price data and have some spill over in MCX Copper and aluminum.

Copper Jump on Weak Dollar

Chinese steel-related commodities futures dived on Monday, erasing last week’s rally as investors felt the previous gains outpaced physical demand for steel in China. Both MCX Copper and aluminum were weaker for much of the session but clawed into positive territory before the close as the dollar index slipped, making commodities priced in the U.S. currency cheaper for buyers using other currencies. Benchmark MCX Copper, mainly used in the construction and power sectors, closed up marginally.

MCX Copper had rallied 12 percent from mid-June to mid-July, topping out at $5,032 last week, partly on hopes for more stimulus from Chinese authorities. Zinc and nickel also remained in positive territory, as speculators continued their buying spree, fuelled by concern about possible shortages in the two metals. — Neal Bhai Reports

About Neal Bhai

Neal Bhai 9899900589 and 9582247600, We Make Ideas

Check Also

Gold Will Gain in 2017

Gold Silver Reports — Gold Will Gain in 2017 — Gold is set to advance by as much as …

We Make Ideas


Our site is objectively in letter and spirit, based on pure Technical Analysis. All other content(s), viz., International News, Indian Business News, Investment Psychology, Cartoons, Caricatures, etc are all to give additional ambiance and make the reader more enlightening. As the markets are super dynamic by very nature, you are assumed to be exercising discretion and constraint as per your emotional, financial and other resources. This blog will never ever create rumors or have any intention for bad propaganda. We report rumors and hear-say but never create the same. This is for your information and assessment. For more information please read our Risk Disclaimer and Terms of Use.

Technically Yours,

Team GoldSilverReports.com, New Delhi, INDIA