Copper on MCX settled up 1.16% at 450.95
Copper on MCX settled up 1.16% at 450.95 once again prices gained above 450 level mark on short-covering tracking firmness from LME Copper which closed up 1.1 percent at $6,970, paring losses from the previous session. Copper prices have climbed 7 percent this quarter and are eyeing a sixth straight quarter of growth. On the other side the dollar was little changed, lessening some headwinds for metals after surging on bets that the Federal Reserve will raise interest rates again next month and tighten further into 2018 as U.S. economic growth remains firm. Also support seen as Copper production in Democratic Republic of Congo, Africa’s top producer of the metal, was up 9.3 percent this year through September over the same period last year at 831,000 tonnes. Overall commodity like Nickel and copper look firm as sentiments are boosted by expectations of healthy demand from the electric vehicle sector, a pollution crackdown in China and signs of solid global economic growth. Also participants at the LME Week industry gathering in London last week were bullish about the sector’s prospects, especially because of anticipated growth in demand for electric vehicles, which depend heavily on nickel and copper. In the week ahead, investors will continue to monitor the progress of the U.S. tax reform bill in what will be relatively quiet week for economic data. China is to release data on trade and inflation while monetary policy announcements from the Reserve Bank of Australia and the Reserve Bank of New Zealand are also be on the agenda. Technically now Copper is getting support at 447.8 and below same could see a test of 444.5 level, And resistance is now likely to be seen at 453.9, a move above could see prices testing 456.7.
# Copper trading range for the day is 444.5-456.7.
# Copper gains supported by upbeat sentiment over potential demand from electric vehicles in the wake of last week’s cheery London industry week.
# Copper prices have climbed nearly 7 percent this quarter and are eyeing a sixth straight quarter of growth.
# Hedge funds and money managers reduced their net long position in COMEX copper contracts in the latest wee