Neal Bhai Reports (NBR) – MCX Copper Prices settled down 0.39% at 438.25 but prices recovered from lows amid expectations of rising seasonal demand in the second quarter.
MCX Copper prices support at 436 and below same could see a test of 432 level, And resistance is now likely to be seen at 442, a move above could see prices testing 448.
China warned it would fight back “at any cost” with fresh measures to safeguard its interests if the United States sticks to its protectionist actions, after U.S. President Donald Trump threatened an extra $100 billion in tariffs in a worsening trade dispute between the world’s two biggest economies.
The United States is willing to negotiate with China on trade, but only if talks are serious, as previous attempts produced little progress, a senior U.S. official told as trade tensions between the two nations escalated.
U.S. job growth likely slowed in March as the boost from mild temperatures faded, but the gains were probably more than enough to push the unemployment rate down to 4.0 percent, indicating the labour market continues to tighten.
China has issued nine batches of approvals for restricted solid scrap material imports this year, with approved copper scrap imports of 337,900 mt, sharply down 88% from the same number of batches in 2017.
Taizhou Chiho was approved to import 111,000 mt of copper scrap in Batch One and Batch Nine, down 74% from the same batches of 2017. Zhejiang Judong was approved for 75,000 mt, which remained flat with the same batches of 2017. – Gold Silver Reports (GSR)
