Gold Silver Reports — Technically Copper market is getting support at 368 and below same could see a test of 366 level, And resistance is now likely to be seen at 373, a move above could see prices testing 375.
Copper on MCX settled flat at 371.70 as trader are stucked in bull bear sentiments as one side support seen as supply concerns after news of further disruption at Indonesia’s Grasberg, one of world’s biggest copper mines, while on the other side Moody’s Investors Services has cut China’s debt rating to A1 from Aa3 – the first cut since 1989.
LME copper traded little changed at $5,718 a tonne, easing 0.1 percent to trim a small gain from the previous session. Prices on Thursday tipped the highest since May 3 at $5,768.50 and have held in a wider $5,480-$5,800 range since mid-April.
In mining news Freeport McMoRan Inc said on Thursday that mining and milling rates at its Grasberg mine in Papua, Indonesia have been affected by an extended strike, and a “large number” of about 4,000 absentee workers were deemed to have resigned. From US event Federal Reserve’s May meeting minutes, raised concerns over whether the Federal Reserve would continue with its plan to introduce two additional rate hikes in 2017.
According to the Federal Reserve’s minutes for its 2-3 May meeting, released on Wednesday, most Fed officials said a further increase in short-term interest rates will be needed “soon”, fuelling expectations that the U.S. central bank is poised to hike interest rates at its next meeting in June.
The hawkish view that a rate hike was needed soon was offset by comments from some Fed members at the meeting, who said that further signs would need to show that weakness in the first-quarter was temporary, prior to future rate hikes. — Neal Bhai Reports