Gold Silver Reports – MCX Copper Below 452 Sell Sell Sell Target 440—434 – Technically MCX Copper is getting support key at 440 and below same could see a test of 434 levels and resistance key is now likely to be seen at 452, a move above could see prices testing 462
Copper on MCX settled down 0.44% at 457.7 on profit booking after prices gained bolstered by reports that base metal imports to China surged in January. Downstream demand looks pretty healthy, there has been a little bit or a constraint on production of various processed products during winter.
Robust economic data reinforced expectations of strong demand for metals. Prices for new homes rose in January and a poll showed that China’s manufacturing sector is expected to register another month of relatively solid growth in February.
Chinese imports of scrap metal, meanwhile, fell to the lowest level in nearly two years in January after restrictions were introduced. Scrap copper imports were down 28 percent year on year. The price of copper, used in power and construction, surged last year on expectations that lower scrap imports to China would increase demand for refined metal.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 10.5 percent from last Friday, the exchange said. Record high stocks of copper in land-locked Arizona and Utah are a reflection of soaring transport costs in the United States and weak demand for the industrial metal produced in the Americas, copper industry sources say.
Read More: London Metal Exchange Copper Eased
Bets on higher copper prices increased on the COMEX exchange, with funds’ net long position rising for the first time this year in the week to Feb. 20. Hedge funds and money managers raised their net long positions in COMEX copper contracts in the week to Feb. 20, U.S. CFTC data showed. – Neal Bhai Reports – INDIA
