Fresh Selling seen in MCX Copper

Gold Silver Reports -✅ Fresh Selling seen in MCX Copper – Technically MCX Copper is under fresh selling as market has witnessed gain in open interest by 21.15% to settled at 11984 while prices down -9.35 rupees.

Now Copper is getting support at 432 and below same could see a test of 430 level, And resistance is now likely to be seen at 442, a move above could see prices testing 447.  

Copper prices on MCX settled down -2.1% at 436.50 dipped but today sentiments may see supportive as the United States progressed with a bill that would support tax cuts but analysts said given weaker oil prices, any reprieve may prove short term.

Copper soared last week on excellent follow up buying amid weak US dollar and continued worries over demand-supply dynamics for the metal.

World Copper mine production is estimated to have declined by around 2.2% in the first eight months of 2017, with concentrate production has declined by around 1.5% and solvent extraction-electrowinning (SX-EW) has also dropped by around 5%, according to preliminary data released by International Copper Study Group (ICSG).

Meanwhile support can be seen as support seen after China’s environmental crackdown is the “biggest uncertainty” facing the nation’s copper smelters, as the government steps up inspections and stiffens emissions control standards, an executive from Jiangxi Copper Co Ltd said on Wednesday.

Read More: Enjoy Copper Nickel Free Fall

“Producers risk being shut down. Supervision teams are everywhere,” Yuneng Wu, vice president of the state-owned company, which is the country’s top integrated copper producer, said at the Asia Copper Conference in Shanghai.

In the week ahead, the changing of the guard at the Federal Reserve will be a big focus for investors, with investors awaiting comments from a number of Fed speakers, including both the current chair and next head of the U.S. central bank. – Neal Bhai Reports