MCX Copper Nov 2016 : 08.09.2016
Copper trading range for the day is 309.3-316.1.
Copper gained as disappointing U.S. economic data pushed the dollar lower, spurring
demand for commodities
U.S. service sector activity slowed to a 6-1/2-year low in August, pointing to fading
economic growth that dragged on the greenback.
China will step up proactive fiscal policy efforts now that commodity prices are relatively
low, the State Council said.
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Copper on MCX settled up 0.47% at 312.50 traded in the range holding near its highest level in a fortnight after a string of softening economic reports pushed back US rate hike expectations and undermined the dollar, while
markets waited on China trade data due later. LME Copper traded up 0.1 percent at $4,6555 a tonne, following gains of 0.7 percent in the previous session when it nudged to its highest in two weeks at $4,688.50, boosted by
short-covering and options expiry. The dollar has been under pressure since Friday's slightly disappointing jobs report, while a surprisingly soft service sector survey on Tuesday cast doubt about the Federal Reserve's ability
to raise interest rates soon despite hawkish rhetoric from Fed officials. A weaker dollar underpins commodities by making them more affordable to buyers paying with other currencies. Meanwhile according to the latest
Commitment of Traders report from the Commodity Futures Trading Commission, released September 2nd, with data as of the August 30th close, large speculators were net short 21,873 copper contracts. Now investors are
now awaiting data from China for more direction – trade data is due on Thursday ahead of CPI and PPI inflation readings on Friday while industrial production, retail sales and fixed asset investment readings are scheduled at
the start of next week. Technically market is under short covering as market has witnessed drop in open interest by -0.25% to settled at 36193 while prices up 1.45 rupee, now Copper is getting support at 311 and below
same could see a test of 309.3 level, And resistance is now likely to be seen at 314.4, a move above could see prices testing 316.1.
Copper trading range for the day is 309.3-316.1.
Copper gained as disappointing U.S. economic data pushed the dollar lower, spurring
demand for commodities
U.S. service sector activity slowed to a 6-1/2-year low in August, pointing to fading
economic growth that dragged on the greenback.
China will step up proactive fiscal policy efforts now that commodity prices are relatively
low, the State Council said.
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Copper on MCX settled up 0.47% at 312.50 traded in the range holding near its highest level in a fortnight after a string of softening economic reports pushed back US rate hike expectations and undermined the dollar, while
markets waited on China trade data due later. LME Copper traded up 0.1 percent at $4,6555 a tonne, following gains of 0.7 percent in the previous session when it nudged to its highest in two weeks at $4,688.50, boosted by
short-covering and options expiry. The dollar has been under pressure since Friday's slightly disappointing jobs report, while a surprisingly soft service sector survey on Tuesday cast doubt about the Federal Reserve's ability
to raise interest rates soon despite hawkish rhetoric from Fed officials. A weaker dollar underpins commodities by making them more affordable to buyers paying with other currencies. Meanwhile according to the latest
Commitment of Traders report from the Commodity Futures Trading Commission, released September 2nd, with data as of the August 30th close, large speculators were net short 21,873 copper contracts. Now investors are
now awaiting data from China for more direction – trade data is due on Thursday ahead of CPI and PPI inflation readings on Friday while industrial production, retail sales and fixed asset investment readings are scheduled at
the start of next week. Technically market is under short covering as market has witnessed drop in open interest by -0.25% to settled at 36193 while prices up 1.45 rupee, now Copper is getting support at 311 and below
same could see a test of 309.3 level, And resistance is now likely to be seen at 314.4, a move above could see prices testing 316.1.
