MCX Copper NEWS : 15.09.2016
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Copper trading range for the day is 313.4-327.6
Copper climbed as strong economic data from China fueled speculation of strengthening
demand.
China’s broadest measure of new credit exceeded estimates in August, rebounding from a
month earlier.
China is looking at an improved outlook with annual growth in industrial output growing to
6.3% in August compared to a flat 6% in July.
Copper on MCX settled up 2.01% at 322.55 as strong economic data from China fueled speculation of strengthening demand. China’s broadest measure of new credit exceeded estimates in August, rebounding from a month
earlier and bolstering evidence that growth is stabilizing. Other Chinese reports this week, such as factory output, investment and retail sales, all exceeded economist estimates -- a sign of improving growth in the world’s
biggest consumer of metals. Signalling oversupply, LME copper stocks have surged by more than half since mid August, helping sour investor sentiment. The Yangshan copper premium, a barometer of supply and demand in
bonded warehouses in the city, has also recovered from a record low, indicating increased demand for imports. China, the world’s largest copper consumer, is looking at an improved outlook with annual growth in industrial
output growing to 6.3% in August compared to a flat 6% in July, according to the National Bureau of Statistics. China’s copper demand growth is expected to slow to 0.8 percent in the second half, from 2.1 percent in the
first half. Increasing Chinese copper demand with traders attracted by cheap premiums and weak global prices is expected to recover China's copper imports this month after 12 months low in August. Debate on whether or
not the Federal Reserve will raise interest rates this year, as well as fluctuating signs on China’s economic strength have influenced copper prices of late, keeping the metal trading in a narrow range. Technically market is
under short covering as market has witnessed drop in open interest by -15.77% to settled at 28860 while prices up 6.35 rupee, now Copper is getting support at 318 and below same could see a test of 313.4 level, And
resistance is now likely to be seen at 325.1, a move above could see prices testing 327.6.
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Copper trading range for the day is 313.4-327.6
Copper climbed as strong economic data from China fueled speculation of strengthening
demand.
China’s broadest measure of new credit exceeded estimates in August, rebounding from a
month earlier.
China is looking at an improved outlook with annual growth in industrial output growing to
6.3% in August compared to a flat 6% in July.
Copper on MCX settled up 2.01% at 322.55 as strong economic data from China fueled speculation of strengthening demand. China’s broadest measure of new credit exceeded estimates in August, rebounding from a month
earlier and bolstering evidence that growth is stabilizing. Other Chinese reports this week, such as factory output, investment and retail sales, all exceeded economist estimates -- a sign of improving growth in the world’s
biggest consumer of metals. Signalling oversupply, LME copper stocks have surged by more than half since mid August, helping sour investor sentiment. The Yangshan copper premium, a barometer of supply and demand in
bonded warehouses in the city, has also recovered from a record low, indicating increased demand for imports. China, the world’s largest copper consumer, is looking at an improved outlook with annual growth in industrial
output growing to 6.3% in August compared to a flat 6% in July, according to the National Bureau of Statistics. China’s copper demand growth is expected to slow to 0.8 percent in the second half, from 2.1 percent in the
first half. Increasing Chinese copper demand with traders attracted by cheap premiums and weak global prices is expected to recover China's copper imports this month after 12 months low in August. Debate on whether or
not the Federal Reserve will raise interest rates this year, as well as fluctuating signs on China’s economic strength have influenced copper prices of late, keeping the metal trading in a narrow range. Technically market is
under short covering as market has witnessed drop in open interest by -15.77% to settled at 28860 while prices up 6.35 rupee, now Copper is getting support at 318 and below same could see a test of 313.4 level, And
resistance is now likely to be seen at 325.1, a move above could see prices testing 327.6.
