MCX Copper prices gained to more than two week highs on falling inventories - Geojit Financial Services
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
MCX Copper prices gained to more than two week highs on falling inventories in major exchange holding warehouses, supply disruption in Peru and improved risk appetite.
Global Economy
• In the last week, global Investors sentiments were clung to surging energy prices, concerns about inflation and negotiations on the US debt ceiling.
• US Dow Jones Industrial Average index gained in volatile previous week session with its strongest gains since June, while US 10 year Treasury yields rose above 1.6% despite weak job report. China’s benchmark equity index closed higher on return to trade after Golden week holidays. European peers gains as well.
• US job growth fell further in September by missing the expectation. Unemployment rate fell to 4.8 percent, the lowest since February 2020.
• US Factory orders increased by 1.2 percent in August.
Copper
• LME copper gained 2.55 percent during the last week, COMEX copper gained 2.13 percent, while Shanghai copper gained 1.55 percent.
• Meanwhile, October futures in MCX settled with a gain near 3.00 percent and closed at Rs.728.85 per kg.
• Conflicts between Glencore mine and an Andean community in Peru melted down after reaching an agreement to begin talks for a new deal between company and the residents.
Outlook: Trend remains positive due to rising demand due to broad based global industrial recovery and concerns over supply shortage. However a strong dollar limiting major rallies in the counter.
LME: Though the broad trend remain on the positive there are chance of choppy trading ahead. A direct drop below $8600 is a sign of weakness.
MCX Oct: As long as prices stay above 650 there are chances of recovery upticks to continue in near future. A direct drop below 465 is a signal of short term weakens.
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at www.geojit.com
SEBI Registration number is INH200000345
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
