Copper Trading Zone of 314-323 Levels

Copper Trading Zone of 314-323 Levels

Gold Silver Reports — Base metals pack may open on negative path as US existing home sales data to give further direction to the prices. Copper may move in the range of 314-323. Lead can hover in the range of 115-117 while zinc can move in the range of 136 -138. Nickel may move in the range of 615-625 in MCX.

Aluminum can move in the range of 109-111 in MCX. London copper held its ground on Wednesday ahead of Britain’s referendum on its future in the European Union, with caution setting in following a rise in risk-appetite in recent days on polls suggesting the country was increasingly likely to remain an EU member.

Elsewhere, Federal Reserve Chair Janet Yellen’s cautious tone on future rate hikes added to a subdued mood in markets. Copper’s outlook has been darkened by a surplus of supply. China, the world’s top producer of the refined metal shipped out a surfeit of metal at home.

China exported 84,959 tonnes of copper in May, up by 256 percent from the same month last year. The total net long position of funds trading copper on the London Metal Exchange fell to 4,163 lots last Friday from a net long position of 9,837 lots the previous week.

Aluminium can move 109-111 range

Base metals pack may open on negative path as US existing home sales data to give further direction to the prices. Copper may move in the range of 314-323. Lead can hover in the range of 115-117 while zinc can move in the range of 136 -138. Nickel may move in the range of 615-625 in MCX.

Aluminum can move in the range of 109-111 in MCX. London copper held its ground on Wednesday ahead of Britain’s referendum on its future in the European Union, with caution setting in following a rise in risk-appetite in recent days on polls suggesting the country was increasingly likely to remain an EU member.

Elsewhere, Federal Reserve Chair Janet Yellen’s cautious tone on future rate hikes added to a subdued mood in markets. Copper’s outlook has been darkened by a surplus of supply. China, the world’s top producer of the refined metal shipped out a surfeit of metal at home.

China exported 84,959 tonnes of copper in May, up by 256 percent from the same month last year. The total net long position of funds trading copper on the London Metal Exchange fell to 4,163 lots last Friday from a net long position of 9,837 lots the previous week. — Neal Bhai Reports

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