Gold Silver Reports – ✅ Technically Copper market is under long liquidation as market has witnessed drop in open interest by 7.77% to settled at 15540 while prices down 4.7 rupees.
Copper MCX CMP 457.60 SELL SELL 500—1000 Lots
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Copper MCX Tips is getting support key at 456 and below same could see a test of 454 level, And resistance key is now likely to be seen at 464, a move above could see prices testing 468.
Copper on MCX settled down 1.01% at 460.3 on profit booking after prices seen supported by Beijing’s attack on polluting industries, supply reforms and robust demand growth.
The U.S. dollar index fell as low as 91.83, the weakest level since September 22. For the year, the index was down 9.8%. The index started 2017 at a 14-year high, boosted by hopes for U.S. President Donald Trump’s pro-growth economic agenda.
But barring a sweeping tax overhaul enacted last week, the Trump administration has struggled to pass legislation. The dollar also lagged despite the Federal Reserve’s rate increases amid increased investor expectations for other central banks to reduce their stimulus.
In the week ahead, metals prices will remain vulnerable to any rebound in the greenback as well as in increase in yields. The opportunity cost of holding non-interest bearing metals increases when yields rise elsewhere.
Investors will get back to work when markets reopen on Tuesday after the Christmas and New Year’s holidays, with all eyes on the monthly U.S. employment report due Friday.
Market watchers will also focus on Wednesday’s minutes of the Fed’s December policy meeting for further hints on the future path of monetary policy. – Neal Bhai Reports