FREE COPPER TIPS 29-12-2016
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Copper on MCX settled down -0.2% at 378.25 as investors fretted about demand growth in China and took profits ahead of the New Year. There are concerns about China's property market, pointing to moves to limit
property speculation in 2017 and a likely drop-off in government efforts to boost demand. Still, copper, which is widely used in power and construction, is up around 16 percent this year and on track for its largest annual rise
since 2010. China imported 276,730 tonnes of refined copper in November, down 22.9 percent year-on-year, but up 46 percent month-on-month, narrowing the scissors gap of year-on-year imports since this July, according
to China Customs, with YTD imports up 0.44 percent to 3,269,273 tonnes. China’s refined copper imports had been falling since this March as the profitable import window has been closed for most of the year, and imports in
October even tumbled to a 3-1/2-year low. China's commerce ministry expects non-financial outbound direct investment will be 1.12 trillion yuan ($161.19 billion) in 2016 and foreign direct investment would be 785 billion
yuan in 2016, Commerce Minister Gao Hucheng said at a national conference. The commerce ministry said on Monday that it would promote the healthy and orderly development of outbound investment and inbound
investment cooperation in 2017. Following a surge in mine supply, copper concentrate imports into China have risen sharply as smelters there have taken advantage of an increase in the fees they charge to turn concentrates
into metal. Technically market is under long liquidation as market has witnessed drop in open interest by -0.63% to settled at 14443, now Copper is getting support at 375.1 and below same could see a test of 371.9 level,
And resistance is now likely to be seen at 381.9, a move above could see prices testing 385.5.