Friday, 11 December 2015

MCX TIPS- copper Market News

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Copper settled down -0.18% at 310.40 while the session was another muted session as investors positioned for a looming US rate hike. While slowly outlook improving as some bearish traders left the market after a major US copper producer cut supply. Copper prices may see support after the update that mining giant Glencore announced wider spending cuts as the commodities group races to cut debt and shore up its balance sheet. The Swiss-based company cut its capital expenditure for 2016 to $3.8 billion, from an earlier estimate of $5 billion. Glencore said last month it will cut 55,000 metric tons of copper output by the end of 2017, the latest in a string of supply cuts. In September, the firm said it would reduce copper production from mines in Zambia and the Democratic Republic of Congo by 400,000 tons.

Trading Ideas:
Copper trading range for the day is 307.1-313.1.
Copper dropped as demand from China wanes and as traders cut risk ahead of a U.S. Federal Reserve meeting next week.
However downside was limited after mining giant Glencore announced wider spending cuts as the commodities group races to cut debt and shore up its balance sheet.
Glencore said last month it will cut 55,000 metric tons of copper output by the end of 2017, the latest in a string of supply cuts.

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