Technically MCX Copper market is getting support at 446.7 and below same could see a test of 444.2 level, And resistance is now likely to be seen at 451.5, a move above could see prices testing 453.8.
Copper on MCX settled up 0.74% at 449.15 gained on short covering as trade tensions between Washington and Beijing ease, although concerns over slowing factory activity in China limited gains.
Senior US and Chinese officials are poised to start another round of trade talks in Beijing next week to push for a deal to protect American intellectual property and avert a March 2 increase in U.S. tariffs on Chinese goods, two people familiar with the plans said on Tuesday.
Meanwhile the new round of talks in Beijing, to be led by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, was earlier reported by the Wall Street Journal, citing an unidentified senior administration official.
Meanwhile China’s factory activity shrank by the most in almost three years in January as new orders slumped further and output fell, a private survey showed, reinforcing fears that a slowdown in the world’s second-largest economy is deepening.
Now market players looked ahead to comments from Federal Reserve Chair Jerome Powell for further hints about the outlook for monetary policy in the months ahead.
Powell is scheduled to deliver opening remarks and answer questions on monetary policy at a town hall meeting with teachers in Washington, D.C.. The U.S. central bank last week signaled that its three-year drive to tighten monetary policy is close to an end due to rising headwinds to the economy.
Meanwhile, markets digested U.S. President Donald Trump's State of the Union address on Tuesday, in which he raised the prospect of another shutdown should his demand for border wall funding not be met.
--Copper trading range for the day is 444.2-453.8.
--Copper gained as expectations of a trade agreement between Washington and Beijing underpinned the market.
--China's factory activity shrank by the most in almost three years in January as new orders slumped further and output fell.
--President Donald Trump in his State of the Union speech vowed to build a border wall that is a source of a deep partisan divide.
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