MCX COPPER NEWS : 11.01.2017
Copper on MCX settled up 3.19% at 395.15 tracking firmness from LME Copper prices which rallied to test $5737 on LME after concerns surrounding mine supply as the threat of strikes at Chile’s Escondida, the world’s largest open pit copper mine. Workers are demanding a 7% pay rise and have until January 23 to negotiate an agreement. Support also seen as uncertainty ahead of Trump's comments, however, dampened demand for the dollar. Meanwhile upside is capped as fresh updated seen that Peru will likely produce between 2.6 million to 2.7 million tonnes of copper this year, up from an estimated 2.2 million tonnes in all of 2016, the government said on Tuesday. In January through November of 2016, Peru produced a record 2.15 million tonnes of copper, up 42 percent from the same period in 2015, thanks to surging output at MMG Ltd's Las Bambas mine and expanded operations at Freeport-McMoRan Inc's Cerro Verde deposit. Yesterday U.S. dollar was little changed against a basket of major currencies on Tuesday on nervousness ahead of U.S. President-elect Donald Trump's first news conference set for Wednesday, while the Mexican peso hit a record low. Technically market is under fresh buying as market has witnessed gain in open interest by 27.67% to settled at 18338 while prices up 12.2 rupee, now Copper is getting support at 387.5 and below same could see a test of 379.8 level, And resistance is now likely to be seen at 399.8, a move above could see prices testing 404.4.
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Copper on MCX settled up 3.19% at 395.15 tracking firmness from LME Copper prices which rallied to test $5737 on LME after concerns surrounding mine supply as the threat of strikes at Chile’s Escondida, the world’s largest open pit copper mine. Workers are demanding a 7% pay rise and have until January 23 to negotiate an agreement. Support also seen as uncertainty ahead of Trump's comments, however, dampened demand for the dollar. Meanwhile upside is capped as fresh updated seen that Peru will likely produce between 2.6 million to 2.7 million tonnes of copper this year, up from an estimated 2.2 million tonnes in all of 2016, the government said on Tuesday. In January through November of 2016, Peru produced a record 2.15 million tonnes of copper, up 42 percent from the same period in 2015, thanks to surging output at MMG Ltd's Las Bambas mine and expanded operations at Freeport-McMoRan Inc's Cerro Verde deposit. Yesterday U.S. dollar was little changed against a basket of major currencies on Tuesday on nervousness ahead of U.S. President-elect Donald Trump's first news conference set for Wednesday, while the Mexican peso hit a record low. Technically market is under fresh buying as market has witnessed gain in open interest by 27.67% to settled at 18338 while prices up 12.2 rupee, now Copper is getting support at 387.5 and below same could see a test of 379.8 level, And resistance is now likely to be seen at 399.8, a move above could see prices testing 404.4.
