Gold Silver Reports → Copper on MCX settled down -1.35% at 314.25 slid for a seventh straight session on Monday to its lowest in a month as a strong U.S. jobs-report raised the likelihood of interest rate hikes soon and concerns remained over demand in top consumer China.
Copper on the London Metal Exchange had fallen 0.7% to $4,801.50 a tonne after losing 0.2 percent in the previous session. It dropped to $4,800 earlier in the session, its lowest since March 3. Majorly all Industrial metals were largely hurt by Friday data that showed U.S. Non farm payrolls rose by 215,000 last month, higher than expectations of 205,000, underscoring the strength in the economy.
Yesterday trading volumes were low as the Shanghai Futures Exchange was closed for the Qingming festival or Tomb Sweeping Day. Copper’s-price rally this year has come to an abrupt halt and further losses are likely as financial investors get to grips with what the physical market already knows, that Chinese-demand is subdued and expected to remain so.
Meanwhile Hedge funds and money managers trimmed their net long positions in copper in the week to March 29, U.S. Commodity Futures Trading Commission data showed on Friday. In the week ahead, market players will be turning their attention to Wednesday’s minutes of the Federal Reserve’s latest policymeeting for fresh clues on the timing of the next U.S. rate hike.
There are also more than a half-dozen Fed speakers on tap for the coming week, including comments by Fed Chair Yellen on Thursday. Technically now Copper is getting support at 312.3 and below same could see a test of 309 level, and resistance is now likely to be seen at 317.4, a move above could see prices testing 321. → Neal Bhai Reports