MCX Copper Trading Zone and Support Level at 444 —458

Gold Silver Reports – Technically copper market is under short covering as market has witnessed drop in open interest by 20.12% to settled at 9125 while prices up 7 rupees.

MCX Copper Price is getting support key at 444 and below same could see a test of 434 levels and resistance is now likely to be seen at 458, a move above could see prices testing 462.

Copper on MCX settled up 1.57% at 452.3 lifted by upbeat U.S. wage data that dented the dollar and soothed inflation worries. However, concerns remained about U.S. President Donald Trump’s decision to impose a 25 percent import tariff on steel and 10 percent on aluminium, with initial exemptions for Canada and Mexico.

U.S. President Donald Trump’s 25 percent import tariff on steel and 10 percent tariff on aluminium, with initial exemptions for Canada and Mexico, will begin within 15 days, a senior administration official said. International Monetary Fund Managing Director Christine Lagarde said she feared a “tit-for-tat” escalation of trade retaliation over the U.S. tariffs that would sap business confidence and investment, while Chinese metal associations called on Beijing to retaliate.

Read More: MCX NATURAL GAS Buy Buy Buy 1000—2000 Lots and Relaxxxxxx Neal Bhai Reports INDIA

China’s imports of copper fell 20 percent in February from a month earlier, dropping for a third straight month as a week-long shutdown for Lunar New Year crimped buying in the world’s biggest copper consumer, data showed.

Arrivals of anode, refined, alloy and semi-finished copper products were 352,000 tonnes, according to the General Administration of Customs. That’s down from a robust 440,000 tonnes in January, when China imported more unwrought copper instead of types of copper scrap that are now banned, and up from 340,000 tonnes in February 2017.

The Lunar New Year festival ran from Feb. 15-21 and analysts had pointed to pre-holiday restocking as a reason for China’s bumper commodity imports in January. Last year, the holiday fell in late January and early February.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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