Copper on MCX settled up 1.27% at 450.35, supported as dollar weakened amid trade tensions between the US and China and concerns of slowing global economic growth. China's imports of unwrought copper and copper products in July climbed to the highest since February and stood at 420,000 mt, showed data from China Customs. However, imports in January-July shrank by 11.7% from a year ago, to 2.69 million mt, with import prices averaging 45,500 yuan/mt, down 3.5% on the year. The year-over-year decline in import volumes narrowed from 12.5% in January-June. Separately, domestic imports of copper concentrate expanded from 1.47 million mt in June, to 2.07 million mt in July. Operations across Chinese manufacturers of copper tubes and pipes in July continued to slow on both yearly and monthly basis as a seasonal lull intensified, an survey showed. Data showed that operating rates across copper tube and pipe producers averaged 80.24% last month, down 9.25 percentage points from July 2018 and down 6.14 percentage points from June. Copper stocks across Shanghai bonded areas this week continued their slide that began since May. Stocks shrank 12,000 mt from a week ago and 216,500 mt from April 26, to stand at 371,500 mt as of Friday August 9. Technically market is under short covering as market has witnessed drop in open interest by -2.07% to settled at 4310 while prices up 5.65 rupees, now Copper is getting support at 445.7 and below same could see a test of 440.9 level, and resistance is now likely to be seen at 453.3, a move above could see prices testing 456.1.
Contact Me On Whatsapp-9479884143
For Quick Trial – 8871888787 ✔
or mail us here: support@researchicon.com
or visit http://www.researchicon.com/free-trial
For Quick Trial – 8871888787 ✔
or mail us here: support@researchicon.com
or visit http://www.researchicon.com/free-trial
This is dummy text. It is not meant to be read. Accordingly, it is difficult to figure out when to end it. But then, this is dummy text. It is not meant to be read. Period.
ConversionConversion EmoticonEmoticon