Gold Silver Reports — Copper was sideways in the evening trades on MCX unchanged by the surplus in world markets.
Copper Report
Copper MCX Upside Resistance 388 Sell on Rise
Gold Silver Reports — Technically MCX Copper market is under long liquidation as market has witnessed drop in open interest by -0.94% to settled at 11840 while prices down -1.1 rupees.
Copper Gains Sharply On Short Covering
Gold Silver Reports — Deprived Copper showed confidence marking gains of 1.66% in the session gone by. At the time of closing Copper was at Rs 385.25 per kg. On the higher side, Rs 385.60 per kg was noted while on the lower side, Rs 377.35 per kg was tested.
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.
COPPER RECOVERS ON INFRASTUCTURE PLANS OF US
Gold Silver Reports — Following two sluggish years, copper finally effected a late recovery in 2016. Optimism over President Trumps $500 billion infrastructure plans drove the metal upward. Meanwhile, encouraging economic data from the second biggest economy and the largest copper consumer China have raised expectations of higher demand for the commodity, which in turn have led to an increase in prices. Additionally, continued workers strikes at major copper mines have also helped price escalation.
Copper MCX Day Trading Zone 380—392
Technically Copper market is getting support at 383 and below same could see a test of 380 level, And resistance is now likely to be seen at 389, a move above could see prices testing 392.