MCX COPPER NEWS : 13.01.2017
Copper on MCX settled up 2.2% at 401.90 suddenly pushed higher as trading on LMEselect got under way, having been closed for 5 hours. Support also seen as the dollar weakened on U.S. president-elect Donald Trump's failure to give clear policy details at his first news conference since November. Also supply disruption concerns came to the fore as proposed ban on exports of unprocessed copper concentrates in Indonesia is likely to come into force on January 12 supported the prices to test 400 level mark. Apart from this, possibility of supply disruption has also risen after workers at Chile's Escondida copper mine rejected a wage offer from BHP Billiton. While LME copper also pared gains after Indonesia said it could loosen a ban on shipments of copper concentrate, but remained up 1.2 percent at $5,780 a tonne in official trading. Overnight it hit its highest since Dec. 12 at $5,848 a tonne as a ban on Indonesian concentrate shipments took effect. Yesterday LME Copper hit a one-month high adn was leading gains across most base metals as the US dollar weakened on U.S. president-elect Donald Trump's failure to give clear policy details at his first news conference since November. In the day ahead, investors will be looking ahead to U.S. economic reports, particularly Friday’s retail sales figures for December. Technically market is under fresh buying as market has witnessed gain in open interest by 7.15% to settled at 19985 while prices up 8.65 rupee, now Copper is getting support at 395.1 and below same could see a test of 388.1 level, And resistance is now likely to be seen at 405.8, a move above could see prices testing 409.5.
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