MCX Copper Tips Today: Copper prices on Monday traded up by 0.67 per cent at Rs 771.60 per kg in the futures market on the back of a pick-up in the spot demand.
On the Multi Commodity Exchange, copper contracts for delivery in June traded higher by Rs 5.10, or 0.67 per cent, at Rs 771.60 per kg in a business turnover of 4,059 lots.
Analysts attributed the rise in copper prices to raising of bets by participants driven by a pick-up in the spot demand.
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MCX Copper Trading Ideas:
- MCX Copper trading range for the day is 750.7-776.7.
- Copper prices dipped as investors worried about demand from China and its authorities’ action to curb commodity prices.
- The Yangshan copper premium dropped to $35.50 a tonne, it’s lowest since Feb. 2016, indicating weakening demand.
- Strikes at BHP’s Escondida and Spence mines in top producer Chile continue to threaten global supply.
Copper yesterday settled up by 3.19% at 769.95 helped by the threat of strikes at mines in top producer Chile and an easing of fears that China, the biggest consumer, will tighten monetary policy.
Miner BHP Group Ltd said it would take contingency measures after a labour union at its Escondida and Spence mines called for a strike. Escondida is the world’s largest copper mine. Investors are concerned that political change in Chile and Peru will lead to tougher rules on mining.
Earnings at China’s industrial firms grew at a slower pace in April. The data calmed worries over policy tightening and helped lift Chinese stock markets to three-month highs.
China’s currency has rallied to its strongest against the dollar since 2018, making dollar-priced metals cheaper for Chinese buyers and supporting demand. U.S. inflation data on Friday could affect markets, with investors jittery about price rises and central bank moves to contain them.
China’s banking regulator has asked lenders to stop selling investment products linked to commodities futures to mom-and-pop buyers to curb investment losses amid volatile commodity prices.
The global world refined copper market showed a 111,000 tonnes surplus in February, compared with a 20,000 tonnes surplus in January, the International Copper Study Group (ICSG) said in its latest monthly bulletin.