live Copper Market News

Copper on MCX settled up 1.1% at 321.65 rebounded off support as a weak dollar helped lift the base metal. While LME Copper closed up 0.9 percent at $4,822, having earlier hit a one week high at $4,888.50 edged up as the dollar eased, but stayed close to its weakest level in four weeks as persistent signs of oversupply amid tepid Chinese demand growth weigh on prices. Investors pared expectations slightly for a Federal Reserve interest rate increase following weak U.S. productivity data, which drove the dollar and Treasury yields lower.

Trading Ideas:

Copper trading range for the day is 314.9–328.5.

Copper settled up as prices rebounded as support came as a weak dollar helped lift the base metal.

Overall sentiments remain weak for copper as confidence is fading as the impact of Chinese monetary stimulus wanes and markets focus once more on oversupply.

Zambia’s copper production climbed by 8 percent to 368,371 tonnes in the first six months of this year from 340,510 tonnes in the same period last year.

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