x
Breaking News
0

Copper Gained As Investors Resumed Buying After Recent Losses

By AJAY KEDIACommoditiesApr 21, 2017 10:10
in.investing.com/analysis/copper-gained-as-investors-resumed-buying-after-recent-losses-200184099
Copper Gained As Investors Resumed Buying After Recent Losses
By AJAY KEDIA   |  Apr 21, 2017 10:10
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Copper on MCX settled up 0.8% at 364.15 as investors, speculators and consumers resumed buying after recent losses, expecting increased seasonal demand. Three-month copper closed up 1.2 percent at $5,623 a tonne, after closing slightly lower in the previous session when prices hit the weakest since early January at $5,530. It was supported by news that Indonesian workers at U.S. mining giant Freeport McMoran Inc will stage a month-long protest against layoffs starting May 1. Union member Tri Puspital said the strike at the giant Grasberg copper mine in the eastern province of Papua was intended to disrupt production and that management had already been informed. Grasberg copper mine produced 482,200 tonnes of copper in 2016. Grasberg copper mine just resumed operating after last lockout, which started on February 14, but met another strike soon, strengthening expectation over lower global copper supply.

National Bureau of Statistics (NBS) data show China’s copper cathode output increased 8.5% year-on-year to 764,000 tonnes in March, the highest from December 2015. Underlying the healthy supply picture, the International Copper Study Group said the global world refined copper market showed a 51,000-tonne surplus in January. LME copper remained in a deep contango, indicating plentiful supply. The discount of LME cash copper to the three-month contract was at $32.75 a tonne, not far from $35.25 seen earlier in the month, the biggest discount since June 2013.

Technically market is under short covering as market has witnessed drop in open interest by -7.23% to settled at 16868 while prices up 2.9 rupees, now Copper is getting support at 359.7 and below same could see a test of 355.2 level, And resistance is now likely to be seen at 366.7, a move above could see prices testing 369.2.

Trading Ideas:

  • Copper trading range for the day is 355.2-369.2.
  • Copper prices gained as investors, speculators and consumers resumed buying after recent losses, expecting increased seasonal demand.
  • Prices also seen by news that Indonesian workers at U.S. mining giant Freeport McMoran Inc will stage a month-long protest against layoffs starting May 1.
  • Rio Tinto (LON:RIO) cut its copper guidance to 500,000-550,000 tonnes from as much as 665,000 tonnes as a result of a strike at the Escondida mine in Chile.
Copper Gained As Investors Resumed Buying After Recent Losses
 

Related Articles

Copper Gained As Investors Resumed Buying After Recent Losses

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
Write your thoughts here
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email