Technically market is getting support at 430.7 and below same could see a test of 425.8 levels and resistance is now likely to be seen at 444.6, a move above could see prices testing 453.6.
Copper on MCX settled down -1.3% at 435.60 as persisting worries about the China-US trade conflict are expected to kept investors cautious. While both U.S. President Donald Trump and Chinese President Xi Jinping expressed optimism about resolving their trade war ahead of a planned meeting at the G20 conference in Argentina at the end of next week, relations have since faltered again.
Leaders attending the Asia Pacific Economic Cooperation summit at the weekend in Papua New Guinea failed to agree to a joint communique for the first time in history, amid deep divisions between Washington and Beijing. While inventories of copper in LME-registered warehouses fell by 9,400 tonnes to 151,625 tonnes by Nov. 16, near last month’s 10-year low of 136,675 tonnes, the latest data showed.
Last night the US dollar rallied from a two-week low and settled at 96.79 as a sell-off in global stock markets spurred safe-haven bids and investors grew concerned about slowing global growth.
At the US open, all three major indexes dropped sharply, with the Nasdaq dipping another 2%. In Base metals, except for LME aluminium, fell across the board with LME zinc leading the losses and closing 2.48% lower.
LME lead declined 1.58%, copper dipped 1.31%, and nickel lost 0.94%. Now a day ahead the US will release its weekly jobless claims, durable goods orders and existing home sales for October, University of Michigan consumer sentiment index for November, as well as weekly oil inventory data from the Energy Information Administration today.
–Copper trading range for the day is 425.8-453.6.
–Copper dropped as conflicting signals over the trade dispute between the United States and China weighed on investor sentiment.
–While both U.S. President Donald Trump and Chinese President Xi Jinping expressed optimism about resolving their trade war ahead of a planned meeting.
–Inventories of copper in LME-registered warehouses fell by 9,400 tonnes to 151,625 tonnes, near last month’s 10-year low of 136,675 tonnes, the latest data showed.