Base Metal Trading Tips — MCX Copper Future Keep Eye on 448 Level.
MCX Copper prices Expected short term Target 432 — 418.
The market is closely watching U.S. Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole seminar for clarity on monetary policy, while a weaker yuan could dampen metals demand from top consumer China.
China imported 130,000 mt of copper scrap in July, down 23.5% from June and 39.3% from July 2018, according to monthly report released by Chinas General Administration of Customs August 23. This brought copper scrap imports to 980,000 mt in the first seven months of this year, down 27.8% year on year.
Copper on MCX settled down 1.09% at 440.05 as trade conflict between China and the United States, faltering Chinese economic growth and a weakening yuan undermined the demand outlook. U.S. and Chinese trade negotiators held a “very constructive” call and the United States is still planning for a round of in-person talks in September, said White House economic adviser Larry Kudlow.
With higher grade, Chinas imports of copper scrap in the first half of the year contained some 106,200 mt of copper more than the same period last year, showed calculations based on Customs data.Concern about Chinas economy is growing because U.S. tariffs on roughly $150 billion of Chinese goods will take effect from Sept. 1, about half the value of imports that President Donald Trump had previously threatened duties.
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