MCX Copper Tips for Today, 18 July 2023: Go for Intraday Call Buy Between 726—725 Target Price 730—734 SL (Stop Loss) Paid Member’s.
A series of weak economic growth data from China has dented demand for copper, which is often used as a measure of global economic health.
- Yesterday MCX Copper Tips: MCX Copper Tips for Today: Sell Copper at 735—736 Target Price
- आज कॉपर की ट्रेडिंग टिप्स ने किए माला माल , बेचने वालों ने कमाया पैसा
- Copper, Base Metal Melt Like Ice as demand Concerns loom after Weak China Data
A metals trader said, “This morning is playing a rebound from yesterday’s selloff. (Policies) are already factored in. You can see it from the lower volumes.”
“I expect the US dollar to continue to weaken and asset prices to move higher,” the trader said.
August copper contract most traded on Shanghai Futures Exchange copper London fell 0.8% to 68,460 yuan ($9,548.12) per metric ton, tracking overnight losses.
Copper is trading steadily in the morning Asian session, but any gains in the base metal’s price could be curbed by concerns over China’s economy, analysts say. The latest slew of weak data out of China has highlighted the loss of momentum in the country’s economy, says Ryan McKay, senior commodity strategist at TD Securities, in a research note. The recent short-covering-driven rally in copper seems to have run out of steam, suggesting deteriorating demand signals are still the most important factor for industrial metals in the short term, McKay adds. The three-month LME copper contract is little changed at $8,490.00 a ton.