COPPER DOWN, TRADERS EYE ESCONDIDA STRIKE

COPPER HIT ONE WEEK LOW AFTER STRIKE RESOLUTION TALKS RESUME

COPPER DOWN, TRADERS EYE ESCONDIDA STRIKE

Gold Silver Reports — COMEX Copper prices slipped around 1% on Monday as worries about demand from top consumer China were reinforced by expectations of ample supplies and higher inventories in exchange-monitored warehouses. Poor speculative buying at elevated prices also remained a concern.

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Copper Speculative Longs Near Five Month Low

Gold Silver Reports — Copper Speculative Longs Near Five Month Low —  Large speculators and traders continued to cut their net positions in the copper futures markets last week for a sixth consecutive week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

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MCX Copper Support Zone at 382

Gold Silver Reports — Technically Copper market is under short covering as market has witnessed drop in open interest by 1.99% to settled at 15928 while prices up 1.3 rupees.

Now MCX Copper is getting support at 383.8 and below same could see a test of 380.6 level, And resistance is now likely to be seen at 389.5, a move above could see prices testing 392.

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Copper Jump on Weak Dollar

gsr-copper-mcx-neal-bhai-reportsGold Silver Reports — MCX Copper edged higher on Monday on the back of a weaker dollar but gains were kept in check after lackluster rises in Chinese home prices fuelled worries about demand in the world’s top metals consumer. Data on Monday showed home price rises in China slowed in June for a 2nd straight month, adding to concern over the sustainability of a construction-led economic rebound.

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Copper Trading Zone of 314-323 Levels

Copper Trading Zone of 314-323 Levels

Gold Silver Reports — Base metals pack may open on negative path as US existing home sales data to give further direction to the prices. Copper may move in the range of 314-323. Lead can hover in the range of 115-117 while zinc can move in the range of 136 -138. Nickel may move in the range of 615-625 in MCX.

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