MCX Copper Tips Positional: Full Target Done [Premium Member Mint Money]

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Copper prices dropped on Tuesday to their lowest since April 26, weighed down by investor fears over measures Chinese authorities could take to curb a recent price rally in commodities.

Three-month copper on the London Metal Exchange fell as much as 2.9% to $9,680 a tonne, while the most-traded July copper contract on the Shanghai Futures Exchange hit its lowest since April 23 at 69,500 yuan ($10,852.08) a tonne.

China’s state planner last week renewed its pledge to step up monitoring of commodity prices, as domestic producer inflation hit its highest in more than 12 years.

Market talks expected China to release state reserves of copper, aluminium and zinc while also possibly trim long positions and crackdown price speculative activities.

COPPER (RED METAL) FUNDAMENTALS

* A union representing striking workers from Vale SA’s Sudbury, Canada, nickel mine recommended that its members reject the Brazilian company’s latest offer.

* LME aluminium fell 1.3% to $2,460.50 a tonne at 0340 GMT, nickel declined 2.8% to $17,970 a tonne and tin shed 2.2% at $30,950 a tonne.

* ShFE aluminium declined 0.2% to 18,790 yuan a tonne, nickel lost 1.5% to 131,570 yuan a tonne and tin dropped 2.2% to 205,300 yuan a tonne.

MARKETS NEWS

* Asian shares rose early, tracking Wall Street higher, though investors looked to a much-anticipated Federal Reserve policy meeting to see if the central bank would signal any change to the U.S. monetary policy outlook.

MCX Copper Trading Ideas:

  • MCX Copper trading range for the day is 718—754
  • MCX Copper prices dropped as worries eased over supply disruption after a strike in Chile was avoided.
  • MCX Yangshan copper premium fell to $22 a tonne, its lowest since 2016, indicating weak demand for imported metal into China.
  • Stocks of copper in LME registered warehouses at 138,300 tonnes, up 24% since May 12 has eased worries about supplies on the LME market.

Copper yesterday settled down by 0.37% at 745.85 as worries eased over supply disruption after a strike in Chile was avoided.

Workers at BHP Group’s Spence copper mine in top producer Chile said last week they had reached a new contract deal with the company, avoiding a strike. Yangshan copper premium fell to $22 a tonne, its lowest since 2016, indicating weak demand for imported metal into China.

Copper inventories in warehouses tracked by ShFE fell for the fourth straight week on Friday to 180,967 tonnes, the lowest level since March 12. Stocks of copper in LME registered warehouses at 138,300 tonnes, up 24% since May 12 has eased worries about supplies on the LME market.

This is seen in the $28 a tonne discount for the cash over the three-month contract compared with a $20 a tonne premium on April 26. Clues to Chinese demand for base metals will come this week with industrial production data for May.

China plans to release state reserves of nonferrous metals copper, aluminium and zinc in a programme set to last until the end of 2021. China’s state planner last week renewed its pledge to step up monitoring of commodity prices, as domestic producer inflation hit its highest in more than 12 years.

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MCX Copper Tips Positional
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