Copper yesterday settled down by -0.57% at 754.1 as a stronger dollar dented buying appetite while equities markets were shaken by fresh banking sector concerns. Renewed unease gripped global markets after Credit Suisse (SIX: CSGN )'s largest investor said it could not provide the Swiss bank with more financial assistance. Economic activity in China picked up in the first two months of 2023 as consumption and infrastructure investment drove recovery from pandemic disruption despite challenges of weak global demand and a downturn in the property sector. Data showed that U.S. consumer prices rose at an expected monthly pace in February, raising bets of a smaller 25 basis-point hike in key interest rate.
Mining exports from Peru, dropped 19.8% in January, compared with a year-ago period, the sector's business chamber said, in the wake of devastating protests that have rocked the country in recent months. China’s copper cathode output stood at 907,800 mt in February, up 6.4% from the previous month and 6.49% from the same period in 2022. The actual output was 8,500 mt higher than the expected 899,300 mt. Although a smelter carried out maintenance ahead of schedule in February, thanks to the ramp-up of new capacity and the resumption of three smelters, the actual output was higher than expected.
Technically market is under long liquidation as the market has witnessed a drop in open interest by -12.15% to settle at 3508 while prices are down -4.3 rupees, now Copper is getting support at 747.9 and below same could see a test of 741.7 levels, and resistance is now likely to be seen at 760.9, a move above could see prices testing 767.7.
# Copper trading range for the day is 741.7-767.7.
# Copper prices fall on a stronger dollar and banking woes
# Economic activity in China picked up in the first two months of 2023
# Mining exports from Peru, dropped 19.8% in January, compared with a year-ago period.
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Sir is this for March contract or April contract?Like 0