MCX Copper / Nickel Trading Tips Rocking Copper High 764.10 And Nickel Hit 1320 Boom Boom👍

MCX Copper / Nickel Trading Tips: Copper yesterday settled down by 0.17% at 761.6 as dropping premium signalled demand weakness in top consumer China at a time when prices were edging near a record high in London.

MCX Copper / Nickel Trading Tips Rocking Copper High 764.10 And Nickel Hit 1320 Boom Boom

Yangshan copper premium fell to $45.50 a tonne, it lowest since April 2017, indicating subdued demand for imported metal into China.

Ample copper supplies next year and in 2023 will keep the market balanced, but miners need to start investing in new capacity now to meet a pick up in demand growth as economies switch to renewable energy.

World top copper producer Chile predicts its economy will fare better than initially anticipated in 2021, according to its quarterly public finance report, boosted by a welcome spike in the price of its top export and booming domestic demand.

Gross domestic product (GDP) will grow by 6% in 2021, up from a previous forecast in January of 5%, according to the report. The price of copper is expected to hit $3.99 per pound, up sharply from a previous forecast of $3.35, the report said.

Domestic demand, meanwhile, is expected to grow 10.7% in 2021, up from a previous estimate of 8.8%.The report noted that consumer prices would rise 3.4%, up slightly from a prior forecast of 3.0%.

Trading Ideas:

  • MCX Copper trading range for the day is 752—774
  • MCX Copper fell as dropping premium signalled demand weakness in top consumer China at a time when prices were edging near a record high in London.
  • Yangshan copper premium fell to $45.50 a tonne, it lowest since April 2017, indicating subdued demand for imported metal into China.
  • Ample copper supplies next year and in 2023 will keep the market balanced.

The sales volume of new residential buildings in the US reached the highest level since 2006 in March. In April, the PMI of Britain showed that the economic activity had the fastest growth rate in seven years, and the retail sales in March had the biggest growth rate in nine months.

Eurozone PMI data in April was stronger than expected. European and American economic data performed well, and market sentiment was high.

In addition, the trend of weak domestic market and strong overseas market continued, and the increase of anti-hedging operations in the market is expected to further boost the domestic market.

Data showed inventories in warehouses monitored by the Shanghai Futures Exchange fell 10.4% from a week earlier, the exchange said.

The euro zone’s recovery from its pandemic-induced economic downturn was much stronger than expected in April as the service industry adapted to lockdowns and made a surprise return to growth, a survey showed.

With the continent facing a fresh wave of coronavirus infections governments have reimposed strict curbs to contain the spread, forcing some businesses to close and encouraging citizens to stay home.

Trading Ideas:

  • Nickel trading range for the day is 1252.9-1293.5.
  • Nickel prices rallied as support seen after data showed that PMI manufacturing and service industries in the US in April reached the highest level since 2009.
  • The euro zone’s recovery from its pandemic-induced economic downturn was much stronger than expected in April as the service industry adapted to lockdowns.
  • The global nickel market surplus expanded to 6,200 tonnes in February from a downwardly revised surplus of 3,500 tonnes in the previous month.

(By Neal Bhai Reports / Gold Silver Reports, INDIA)

MCX Copper / Nickel Trading Tips Rocking Copper High 764.10 And Nickel Hit 1320 Boom Boom👍 via @goldsilverrepor
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