Copper trading range for the day is 310.8-316.
Copper prices dropped in the wake of the northern hemisphere summer lull : 12.09.2016
COPPER : BUY ZONE
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Copper prices dropped in the wake of the northern hemisphere summer lull, while prices
have also been cushioned by a softer dollar.
LME stocks have seen a considerable amount of upside since mid-August, and there are
concerns that inventory growth will accelerate.
China’s imports of copper fell 2.8% from a month ago to 350,000 tons in August, the
lowest in a year, due to slower demand.
Copper on MCX settled down -0.11% at 313.65 in the wake of the northern hemisphere summer lull, while prices have also been cushioned by a softer dollar.
LME copper stocks have seen a considerable amount of upside since mid-August, and there are concerns that inventory growth will accelerate even more as demand from China goes through a seasonal slowdown. China’s imports of copper fell 2.8% from a month ago to 350,000 tons in August, the lowest in a year, due to slower demand and higher domestic production of the metal. China’s copper ore and concentrate imports rose month-over-month and are now almost 35% higher compared to the year before. China is the world’s largest copper consumer. Copper saw some support earlier this week due to a mine strike in top producer Chile at the Salvado Mine run by Codelco. Meanwhile, a strike has also started at Anglo
American’s Los Bronces mine. There is a great deal of labor unrest right now at copper mines as workers are unsatisfied with wages and bonuses, while copper miners are finding it more difficult to pay workers as low copper prices are hurting their bottom lines. The labor disputes, if they persist long enough and hit many mines, could help reduce copper supply and therefore boost prices. Technically market is under long liquidation as market has witnessed drop in open interest by -0.04% to settled at 36293 while prices down -0.35 rupee, now Copper is getting support at 312.2 and below same could see a test of 310.8 level, And resistance is now likely to be seen at 314.8, a move above could see prices testing 316
Copper prices dropped in the wake of the northern hemisphere summer lull : 12.09.2016
COPPER : BUY ZONE
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Copper prices dropped in the wake of the northern hemisphere summer lull, while prices
have also been cushioned by a softer dollar.
LME stocks have seen a considerable amount of upside since mid-August, and there are
concerns that inventory growth will accelerate.
China’s imports of copper fell 2.8% from a month ago to 350,000 tons in August, the
lowest in a year, due to slower demand.
Copper on MCX settled down -0.11% at 313.65 in the wake of the northern hemisphere summer lull, while prices have also been cushioned by a softer dollar.
LME copper stocks have seen a considerable amount of upside since mid-August, and there are concerns that inventory growth will accelerate even more as demand from China goes through a seasonal slowdown. China’s imports of copper fell 2.8% from a month ago to 350,000 tons in August, the lowest in a year, due to slower demand and higher domestic production of the metal. China’s copper ore and concentrate imports rose month-over-month and are now almost 35% higher compared to the year before. China is the world’s largest copper consumer. Copper saw some support earlier this week due to a mine strike in top producer Chile at the Salvado Mine run by Codelco. Meanwhile, a strike has also started at Anglo
American’s Los Bronces mine. There is a great deal of labor unrest right now at copper mines as workers are unsatisfied with wages and bonuses, while copper miners are finding it more difficult to pay workers as low copper prices are hurting their bottom lines. The labor disputes, if they persist long enough and hit many mines, could help reduce copper supply and therefore boost prices. Technically market is under long liquidation as market has witnessed drop in open interest by -0.04% to settled at 36293 while prices down -0.35 rupee, now Copper is getting support at 312.2 and below same could see a test of 310.8 level, And resistance is now likely to be seen at 314.8, a move above could see prices testing 316
