Gold Silver Reports – Copper MCX Sell on Rise, Resistance Key 452 Target 440—437 – Technically Copper market is under fresh selling as market has witnessed gain in open interest by 48.95% to settled at 16998.
Copper MCX is getting support key at 437 and below same could see a test of 432 levels and resistance is now likely to be seen at 452, a move above could see prices testing 459.
Last Hint Call Rocking :- Copper MCX Sell on Rise, Downside Target 449—444
Copper on MCX settled down 2.79% at 439.95 on fresh selling tracking weakness from LME Copper prices which sank below $7000 a tonne to a one-month low after inventories surged and Chinese traders squared positions ahead of the Lunar New Year Holiday.
LME Copper prices fell as much as 2.3 per cent to test $6900 a tonne as stocks at London Metal Exchange warehouses jumped by 28 per cent, or the most in 10 months. The news that triggered the copper selloff has been a 36,000 tonne surge in LME stocks, perhaps reinforcing the belief that the cathode market is well supplied.
Figures released on Monday showed China’s refined copper output risen 16.7 per cent year-on-year to a record high of 865,000 tons in December, as smelters produced as much as possible before new treatment and refining charges, which are the lowest in five years, kick in.
Meanwhile worldwide copper mine production declined 2.6% in the ten months to October 2017, while concentrate production declined by 2.2% and production through solvent extraction-electrowinning declined by 4.3% in the same period, according to the intergovernmental copper body the ICSG.
Also support can be seen as Citibank estimates that almost 30 sets of labour contract negotiations are set to take place over the next 12 months, potentially affecting 25 per cent of global copper supply. This includes Escondida, the world’s biggest copper mine in Chile, where one of the unions has already held a one-day warning strike.
