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Copper yesterday traded with the negative node and settled -0.48% down at 406.65, Copper fell to a one-week low on concern that the global economic recovery may be faltering as manufacturing slows from China to the U.S., the world’s largest metals buyers. Manufacturing in the U.S. grew at the slowest pace in more than a year last month, and more Americans than forecast filed applications for unemployment benefits last week.
China said industrial production was the weakest since August. Copper prices have dropped 12 percent from a record in February. Copper may fall further on speculation demand will slow as global economic growth falters. China’s manufacturing growth fell, with the China Federation of Logistics and Purchasing saying on June 1 that its purchasing managers’ index dropped to 52 in May from 52.9 in April.
In yesterday’s trading session copper has touched the low of 401.8 after opening at 408, and finally settled at 406.65. For today’s session market is looking to take support at 402.4, a break below could see a test of 398.1 and where as resistance is now likely to be seen at 410.4, a move above could see prices testing 414.2.
Trading ideas for copper updates :
Copper trading range is 398.1-414.2.
Copper fell on concern that global economic recovery may be faltering as manufacturing slows
Copper is taking resistance at 410.40 and support is seen at 402.40.
Copper daily stocks at Shanghai exchange came down by 301 tonnes.
price of copper