MCX COPPER NEWS : 12.01.2017

MCX COPPER NEWS : 12.01.2017


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Copper on MCX settled down -0.48% at 393.25 eased off one-month highs on Wednesday, in light profit-taking following several days of gains. Earlier in the week support seen after the news that the workers at Chile's Escondida copper mine - the world's biggest - have already rejected a wage offer from BHP Billiton. Yesterday Three-month copper on the London Metal Exchange gained 0.3 percent to $5,780 a tonne after initially recoiling at the start of trading. The contract galloped to a one-month high on Tuesday. The most-traded copper contract on the Shanghai Futures Exchange rose 3 percent to 47,160 yuan ($6,812) a tonne, gathering momentum on the back of a surge in Chinese producer prices in December. Also yesterday the 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. The metal, used in construction, surged more than 10 percent in the month following Trump's election to the U.S. presidency on Nov. 8, as his pledge to boost spending unleashed a wave of investment in industrial commodities. While yesterday prices moved down after U.S. President-elect Donald Trump failed to offer concrete stimulus plans, while the London Metal Exchange electronic trading platforms did not open. Technically market is under fresh selling as market has witnessed gain in open interest by 1.71% to settled at 18652 while prices down -1.9 rupee, now Copper is getting support at 391.5 and below same could see a test of 389.5 level, And resistance is now likely to be seen at 396.3, a move above could see prices testing 399.1.