MCX COPPER NEWS : 10.01.2017
Copper on MCX settled down -0.16% at 382.95 as market activity was subdued as many Western traders were still away on holiday. While Copper prices recovered from the earlier fall and still hovering below a two-week high hit last week, after a solid U.S. jobs report lifted the dollar, making commodities more expensive for holders of other currencies. Copper gained around 19% in 2016 thanks to a rally late in the year, amid enthusiasm about the strength of demand from China and to a lesser extent from the U.S., that contributed to a surge of buying by hedge funds and other speculators. What 2017 will hold for copper depends largely on whether a recent strong run of Chinese economic data can be sustained, and whether President-elect Donald Trump will follow-through on a pledge to boost U.S. infrastructure spending. Meanwhile Hedge funds and money managers reduced their net long positions in copper, U.S. Commodity Futures Trading Commission (CFTC) data showed. Also China copper premiums have come under pressure after large inflows into warehouses as traders delivered metal to tidy books at year-end. Weekly Shanghai copper stocks jumped 17 percent last week. Premiums for copper in China bond dropped $5 on Friday. Technically market is under long liquidation as market has witnessed drop in open interest by -9.08% to settled at 14364 while prices down -0.6 rupee, now Copper is getting support at 380.5 and below same could see a test of 378 level, And resistance is now likely to be seen at 385.1, a move above could see prices testing 387.2.
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Copper on MCX settled down -0.16% at 382.95 as market activity was subdued as many Western traders were still away on holiday. While Copper prices recovered from the earlier fall and still hovering below a two-week high hit last week, after a solid U.S. jobs report lifted the dollar, making commodities more expensive for holders of other currencies. Copper gained around 19% in 2016 thanks to a rally late in the year, amid enthusiasm about the strength of demand from China and to a lesser extent from the U.S., that contributed to a surge of buying by hedge funds and other speculators. What 2017 will hold for copper depends largely on whether a recent strong run of Chinese economic data can be sustained, and whether President-elect Donald Trump will follow-through on a pledge to boost U.S. infrastructure spending. Meanwhile Hedge funds and money managers reduced their net long positions in copper, U.S. Commodity Futures Trading Commission (CFTC) data showed. Also China copper premiums have come under pressure after large inflows into warehouses as traders delivered metal to tidy books at year-end. Weekly Shanghai copper stocks jumped 17 percent last week. Premiums for copper in China bond dropped $5 on Friday. Technically market is under long liquidation as market has witnessed drop in open interest by -9.08% to settled at 14364 while prices down -0.6 rupee, now Copper is getting support at 380.5 and below same could see a test of 378 level, And resistance is now likely to be seen at 385.1, a move above could see prices testing 387.2.
