MCX COPPER NEWS : 04.01.2017
Copper on MCX settled down -0.45% at 376.6 as a stronger dollar outweighed expectations of solid consumption in the United States and China, where economic data showed signs of improvement. Three-month copper on the London Metal Exchange closed 0.6 percent down at $5,500 a tonne, having hit its highest since Dec. 19 at $5,616.50 in earlier trade. U.S. manufacturing activity grew by more than expected in November, making dollardenominated assets such as copper more expensive for holders of other currencies. Economic sentiment remained bullish for the world's largest economy on prospects of rising U.S. interest rates and expectations that President-elect Donald Trump will provide a boost to public spending and growth. Copper rose 20 percent to more than $6,000 a tonne after the U.S. election in November, its highest since June 2015 and the biggest monthly rise since 2006. The metal started the day on a stronger note, boosted by a 10,400-tonne drop in LME inventories and after data showed that Chinese factory activity picked up by more than expected in December on higher demand. The Chinese New Year holiday in the first quarter of 2017, however, could hit manufacturing activity and cap the metal's upside temporarily. Technically market is under long liquidation as market has witnessed drop in open interest by -2.11% to settled at 14675 while prices down -1.7 rupee, now Copper is getting support at 373.9 and below same could see a test of 371 level, And resistance is now likely to be seen at 381.9, a move above could see prices testing 387.
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