Friday, 16 October 2015

MCX COPPER TIPS

Copper settled up 0.16% at 349.75 recovered as incremental cuts to mine supply and a revival in China demand underpinned a modest rise in prices. London copper prices fell to six year lows in late August and have since lifted as northern hemisphere demand revives after summer. China's monthly copper imports surged a third in September, hitting a 20-month high after staying flat in the previous three months, as price differentials favoured spot purchases and some shipments arrived ahead of the week-long Oct. 1 holiday. The dollar rose against a basket of currencies on Thursday as underlying domestic inflation strengthened more than expected in September, reviving some expectations the Federal Reserve would raise interest rates this year.
Trading Ideas:
Copper trading range for the day is 345.3-353.5.
Copper gains on hopes for further production cuts from miners, but a rebound in the dollar kept a lid on gains.
Stocks in LME-approved warehouses fell to a seven-month low of 293,650, down nearly 21 percent from a peak in late August.
Worries over China have also cut expectations for copper prices next year to $5,450 a tonne, down 9 percent from the end of July.


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