US Copper bullish on strong global fundamentals

Posted by CommodityOnline

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MUMBAI (Commodity Online): The trend in copper futures for August delivery on India’s Multi Commodity Exchange (MCX) is bullish and expected to trade with the trend for the day, according to our analyst at Commodity Online.

“For intra-day, support for the commodity is seen at 425.05 and 422.25 levels while resistance is seen at 432.65 and 434.35 levels,” said John Godson, Technical Analyst at Commodity Online.

MCX copper futures for August delivery was seen trading up by 1.14% at Rs.430.50 per kilogram as of 16.38 IST on Friday.

Comex Copper

Copper futures on Comex edged up on Friday and is seen trading bullish supported by firm global cues. Copper futures for September delivery on Globex platform of Comex was seen trading up by 0.63% at $ 3.185 per pound as of 04.51 PM IST on Friday.

On Friday, copper touched to its peak level in more than a week as data releases from the United States, Europe and China shown a positive review on their respective economies.

US Bureau of Labor Statistics is scheduled to release its data on Non Farm payrolls, Private Nonfarm Payrolls and Unemployment Rate at 06.00 PM IST today. Base metal traders may get clues for their further trading from the data released. Also, US Census Bureau is scheduled to release its data on factory orders at 07.30 PM IST today.

In June 2013 compared with May 2013 Industrial producer prices stable in both Euro area and EU27

In June 2013, compared with May 2013, the industrial producer price index remained stable in both the Euro area (EA17) and the EU27, according to estimates from Eurostat, the statistical office of the European Union released on Friday.

In May prices fell by 0.3% in both zones. In June 2013 compared with June 2012, industrial producer prices rose by 0.3% in the euro area and by 0.6% in the EU27.

The UK Markit/CIPS Purchasing Managers’ Index (PMI) for the construction sector offers new hope that the UK economy is improving. UK recorded a strongest construction output growth since June 2010, led by surge in housing activity.

The UK Markit/CIPS rose to 57.0 in July up sharply from last month’s 51.0, according to the data released by Charted Institute of Purchasing and Supply (CIPS) on Friday. (Image Courtesy: Smokedsalmon