FREE COMMODITY COPPER NEWS 30-12-2016
Copper on MCX settled down -1.02% at 374.4 as markets fretted about the higher dollar and the potential for a liquidity crunch in top consumer China. Sentiments also dropped as China’s demand for the metal is expected to slow down in the course of 2017, as Beijing takes steps to dampen the country’s property market because the measures will have knock-on effects on the growth in sales of household appliances and automatic vehicles. But copper is on course for a gain of about 17 percent this year, which would be the first annual rise since 2012, mainly owing to better than expected demand in China and hopes of rising demand resulting from U.S. spending on infrastructure. Much of that increase was because of buying by funds, many of which have been cutting bets on higher prices in recent weeks, partly because of the dollar's climb to 14-year highs against a basket of major
currencies. Copper broke above $6,000 a tonne in November after Donald Trump won the U.S. presidential election and boosted hopes of infrastructure spending and higher consumption. But the United States accounts for only about 8 percent of global demand estimated at about 22 million tonnes and focus has returned to China, which accounts for nearly half. Technically market is under long liquidation as market has witnessed drop in open interest by -1.56% to settled at 14217 while prices down -3.85 rupee, now Copper is getting support at 372.1 and below same could see a test of 369.7 level, And resistance is now likely to be seen at 378.7, a move above could see prices testing 382.9.
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currencies. Copper broke above $6,000 a tonne in November after Donald Trump won the U.S. presidential election and boosted hopes of infrastructure spending and higher consumption. But the United States accounts for only about 8 percent of global demand estimated at about 22 million tonnes and focus has returned to China, which accounts for nearly half. Technically market is under long liquidation as market has witnessed drop in open interest by -1.56% to settled at 14217 while prices down -3.85 rupee, now Copper is getting support at 372.1 and below same could see a test of 369.7 level, And resistance is now likely to be seen at 378.7, a move above could see prices testing 382.9.
