MCX COPPER NEWS : 09.01.2017
Copper on MCX settled up 0.81% at 383.55 as investors squared positions after a strong U.S. payrolls report. LME Stocks continued to decline, posting the tenth consecutive day of losses. LME data showed that both copper stocks and cancelled warrants were down 6,650 tonnes at 295,125 tonnes and 95,475 tonnes, respectively. The International Copper Study Group (ICSG) expects global copper ore output to be 19.90 million tonnes in 2017, flat at 2016’s. 2017 term TC/RCs of copper concentrate signed between Chinese copper smelters and overseas copper ore suppliers decreased, mainly because the growth of global copper ore supply was expected to fall in 2017. Zambia’s Konkola Copper Mines’ (KCM) production was suspended due to an “illegal strike” at the copper mine and one of its copper processing plant by labor union workers January 4, one of the company’s speakers said. On the same day, a labor union leader of Chile’s Escondida copper mine, the largest copper mine in the world, said the mine may face a strike in February now that they failed to reach an agreement with workers on salary contract. BHP Billiton holds a 57.5% stake in the Escondida copper mine, and Rio Tinto holds about 30% stake. In years past, strikes at mines happened and usually last for a few days, which had little effect on output. The Escondida copper mine also suffered from many strikes over the past few years. A strike in 2011 which lasted for 15 days reduced the mine’s copper ore output by 45,000 tonnes. Technically now Copper is getting support at 380 and below same could see a test of 376.4 level, And resistance is now likely to be seen at 385.6, a move above could see prices testing 387.6.
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Copper on MCX settled up 0.81% at 383.55 as investors squared positions after a strong U.S. payrolls report. LME Stocks continued to decline, posting the tenth consecutive day of losses. LME data showed that both copper stocks and cancelled warrants were down 6,650 tonnes at 295,125 tonnes and 95,475 tonnes, respectively. The International Copper Study Group (ICSG) expects global copper ore output to be 19.90 million tonnes in 2017, flat at 2016’s. 2017 term TC/RCs of copper concentrate signed between Chinese copper smelters and overseas copper ore suppliers decreased, mainly because the growth of global copper ore supply was expected to fall in 2017. Zambia’s Konkola Copper Mines’ (KCM) production was suspended due to an “illegal strike” at the copper mine and one of its copper processing plant by labor union workers January 4, one of the company’s speakers said. On the same day, a labor union leader of Chile’s Escondida copper mine, the largest copper mine in the world, said the mine may face a strike in February now that they failed to reach an agreement with workers on salary contract. BHP Billiton holds a 57.5% stake in the Escondida copper mine, and Rio Tinto holds about 30% stake. In years past, strikes at mines happened and usually last for a few days, which had little effect on output. The Escondida copper mine also suffered from many strikes over the past few years. A strike in 2011 which lasted for 15 days reduced the mine’s copper ore output by 45,000 tonnes. Technically now Copper is getting support at 380 and below same could see a test of 376.4 level, And resistance is now likely to be seen at 385.6, a move above could see prices testing 387.6.
