Technically market is getting support at 414.2 and below same could see a test of 411 levels and resistance is now likely to be seen at 420.9, a move above could see prices testing 424.4.
Copper on MCX settled up 0.93% at 417.25 but prices failed to extend daytime gains as it came off from a high of 420 level last night and ended at 417.25. This remained above the 10-day moving average.
All base metals moved higher with London copper hitting a one-week high, after a report that top consumer China would try to boost spending on autos and home appliances this year, as well as signs of progress in Sino-U.S. trade talks. Ning Jizhe, vice chairman of China's National Development and Reform Commission (NDRC), said that the policies would be part of wider efforts to strengthen domestic consumption in China.
Today copper will be trading in the range as optimism over the latest round of U.S.-China trade talks in Beijing. Last night the US dollar dipped to a three-month low as the latest minutes of US Federal Reserve's policy meeting hinted at less monetary tightening and as hopes grew after US-China trade talks.
“The Committee could afford to be patient about further policy firming," said the FOMC in meeting minutes released on Wednesday. The central bank's median expectations for rate hikes in 2019 have already come down from three to two. The US dollar index fell 0.72% to 95.22 in late trading.
Base metals ended mostly higher as LME Copper and nickel grew some 0.4%, zinc jumped 0.26%, while aluminium fell 0.3%, and lead dipped 0.18%. While from data point Germany’s trade balance figures for November came in at €20.5 billion, compared to the expected €18.6 billion and October’s €1.83 billion.
--Copper trading range for the day is 411-424.4.
--Copper moved higher after a report that top consumer China would try to boost spending on autos and home appliances this year.
--Exports of copper concentrate from Indonesia’s Grasberg mine, are expected to drop to 200,000 tonnes this year from around 1.2 million tonnes in 2018.
--China's National Development and Reform Commission (NDRC), said that the policies would be part of wider efforts to strengthen domestic consumption in China.
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