Ripples Adivisory MCX Copper Market News
Copper settled up by 2.52% at 406.7 on an improving demand outlook and concerns about supply constraints next year. A private report showed U.S. non-manufacturing industries expanded at the fastest pace in 13 months, while data from Caixin Media and Markit Economics indicated a pickup in China’s service industries in November.
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The metal should push above $6,000 a metric ton next year as manufacturing improves in developed economies, offsetting any future weakness in demand growth from China, raising the price forecast for 2017 by 9 %. Copper shipments from the Oyu Tolgoi mine in Mongolia were suspended after authorities imposed curbs on border crossings.
Technically market is under fresh buying as market has witnessed gain in open interest by 8.99% to settled at 16317 while prices up 10 rupee, now Copper is getting support at 400.6 and below same could see a test of 394.5 level, And resistance is now likely to be seen at 411.3, a move above could see prices testing 415.9.
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