Breaking News
0

Copper Market Under Long Liquidation; Support Seen At 426.4

By CommodityOnline (Commodity Online)CommoditiesSep 14, 2018 12:18
in.investing.com/analysis/copper-market-under-long-liquidation-support-seen-at-4264-200204939
Copper Market Under Long Liquidation; Support Seen At 426.4
By CommodityOnline (Commodity Online)   |  Sep 14, 2018 12:18
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Technically Copper market is under long liquidation as market has witnessed drop in open interest by 1.12% to settled at 12999 while prices down 1 rupees.

Now MCX Copper is getting support at 426.4 and below same could see a test of 424 levels and resistance is now likely to be seen at 432.8, a move above could see prices testing 436.8.

Copper on MCX settled down -0.23% at 428.75 tracking weakness from LME Copper which edged lower pulling back from a two-week high reached in the prior session, as investors exercised caution ahead of possible trade talks between the United States and China to resolve an escalating tariff war.

China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks.

Meanwhile China and the United States are set to return to the table with the threat of new U.S. tariffs looming after Treasury Secretary Steven Mnuchin extended the invitation to counterparts in Beijing. The official China Daily said that while China was “serious” about resolving the stand-off through talks, it would not be rolled over, despite concerns over a slowing economy and a falling stock market at home.

The dollar sagged after weaker-than-expected U.S. inflation data further burdened a currency already weighed down by signs of reduced trade tensions between the US and China.

For today market participants should monitor data such as the US retail sales for August, the University of Michigan consumer confidence index for September, and China’s total retail sales of consumer goods last month.

Trading Ideas:
--Copper trading range for the day is 424-436.8.
--Copper dropped as investors exercised caution ahead of possible trade talks between the United States and China to resolve an escalating tariff war.
--The US and China have so far imposed tariffs on $50 billion of each other's goods in a spat that has left the market fearing demand for industrial metals will weaken.
--China copper premiums have risen to $91 a tonne, the most since February 2016, in a sign of strong underlying demand for physical metal.

Copper Market Under Long Liquidation; Support Seen At 426.4
 

Related Articles

Copper Market Under Long Liquidation; Support Seen At 426.4

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.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
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?
 
Post
 
Replace the attached chart with a new chart ?
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