Stock under ₹40 jumps 11% after their net profit grows by 226% YoY
Copper yesterday settled up by 0.59% at 754.95 amid worries over weak supply and hopes for a strong demand rebound in China’s economy after its reopening. Major central banks extended warnings of tighter monetary policy as recent inflation gauges eased less than expected, while hopes for a strong demand rebound in China’s economy after its reopening lost traction. Still, worries over weak supply helped copper prices remain 5% higher year-to-date. Production halts in major South and Central American regions compounded concerns about low inventories in the US and Europe, adding to views that copper markets could be heading into a deficit.
Besides mining deferments in Peru caused by political unrest, ore processing operations in Panama have been recently halted due to government tax and royalty payments issues from Canada’s First Quantum Minerals. China's factory activity is expected to have continued to grow in February, suggesting that the flashes of domestic demand seen since the zero-COVID policy ended are now strong enough to rekindle upstream sectors. Domestic orders and consumption drove output higher and saw economic activity in the world's second-largest economy swing back to growth in January, and economists expect manufacturers to have consolidated that position now that the country's COVID-19 epidemic has "basically" ended.
Technically market is under short covering as the market has witnessed a drop in open interest by -2.48% to settle at 4439 while prices are up 4.45 rupees, now Copper is getting support at 748.7 and below same could see a test of 742.2 levels, and resistance is now likely to be seen at 758.7, a move above could see prices testing 762.2.
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Trading Ideas:
# Copper trading range for the day is 742.2-762.2.
# Copper gains amid worries over weak supply and hopes for a strong demand rebound in China’s economy after its reopening.
# Production halts in major South and Central American regions compounded concerns about low inventories in the US and Europe
# China's factory activity likely continued to grow in February.
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