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Mtechtips Copper

Mtechtips Copper

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Published by MtechTips
1. Copper futures rally to 2-week high on Fed easing expectations
Copper futures rose sharply to hit a two-week high on Wednesday, amid expectations the Federal Reserve will maintain its loose monetary policy for the indefinite future. On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded at USD3.383 a pound during European morning trade, up 1.2% on the day. New York-traded copper prices rose by as much as 1.5% earlier in the day to hit a session high of USD3.391 a pound, the strongest level since May 8. Investors looked ahead to testimony at the U.S. Joint Economic Committee by Federal Reserve Chairman Ben Bernanke, amid speculation over whether the U.S. central bank will begin to scale back its asset purchase program this year. The minutes of the Fed’s May meeting are to be released later in the trading day. On Tuesday, St. Louis Fed President James Bullard said the Fed should continue its bond buying and make adjustments as the economy changes. Comments by New York Fed President William Dudley were also interpreted as suggesting the central bank wasn’t about to taper off its bond-purchase program. Bullard and Dudley will both vote at the central bank's next scheduled meeting on June 18-19. Copper traders also awaited key manufacturing data out of China due on Thursday to gauge the strength of demand from the world’s largest copper consumer.
2. MCX Copper positive; traders await FOMC minutes
Copper futures for June delivery on India's Multi Commodity Exchange (MCX) is positive and intra-day traders may take long position.“For intra-day, support for the commodity is seen at 422 & 425 levels while on the lower side prices have support at 410.5 and 408 levels. “Traders may take long position near 414 with the stop loss of below 410 and can wait for the targets at 420 and 422 levels,” added Tarang.MCX copper futures for June delivery was seen trading down by 1.56% at Rs.416.10 per kilogram as of 02.22 PM IST on Wednesday. Concerns over copper mine supply may have impacted base metal prices in the global market. Mine activities will remain shut at Freeport-McMoRan Copper & Gold Inc. (FCX)’s Grasberg complex in Indonesia till an enquiry of a tunnel mishap that killed 28 people gets complete, the government said on Tuesday. US Existing homes sales data is scheduled to be released at 07.30 PM IST. Also, Mortgage Bankers Association (MBA) data is expected to be released at 04.30 PM IST today.
1. Copper futures rally to 2-week high on Fed easing expectations
Copper futures rose sharply to hit a two-week high on Wednesday, amid expectations the Federal Reserve will maintain its loose monetary policy for the indefinite future. On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded at USD3.383 a pound during European morning trade, up 1.2% on the day. New York-traded copper prices rose by as much as 1.5% earlier in the day to hit a session high of USD3.391 a pound, the strongest level since May 8. Investors looked ahead to testimony at the U.S. Joint Economic Committee by Federal Reserve Chairman Ben Bernanke, amid speculation over whether the U.S. central bank will begin to scale back its asset purchase program this year. The minutes of the Fed’s May meeting are to be released later in the trading day. On Tuesday, St. Louis Fed President James Bullard said the Fed should continue its bond buying and make adjustments as the economy changes. Comments by New York Fed President William Dudley were also interpreted as suggesting the central bank wasn’t about to taper off its bond-purchase program. Bullard and Dudley will both vote at the central bank's next scheduled meeting on June 18-19. Copper traders also awaited key manufacturing data out of China due on Thursday to gauge the strength of demand from the world’s largest copper consumer.
2. MCX Copper positive; traders await FOMC minutes
Copper futures for June delivery on India's Multi Commodity Exchange (MCX) is positive and intra-day traders may take long position.“For intra-day, support for the commodity is seen at 422 & 425 levels while on the lower side prices have support at 410.5 and 408 levels. “Traders may take long position near 414 with the stop loss of below 410 and can wait for the targets at 420 and 422 levels,” added Tarang.MCX copper futures for June delivery was seen trading down by 1.56% at Rs.416.10 per kilogram as of 02.22 PM IST on Wednesday. Concerns over copper mine supply may have impacted base metal prices in the global market. Mine activities will remain shut at Freeport-McMoRan Copper & Gold Inc. (FCX)’s Grasberg complex in Indonesia till an enquiry of a tunnel mishap that killed 28 people gets complete, the government said on Tuesday. US Existing homes sales data is scheduled to be released at 07.30 PM IST. Also, Mortgage Bankers Association (MBA) data is expected to be released at 04.30 PM IST today.

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Published by: MtechTips on May 22, 2013
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MTECHTIPS
1. Copper futures rally to 2-week high on Fed easing expectationsCopper futures rose sharply to hit a two-week high on Wednesday, amid expectations theFederal Reserve will maintain its loose monetary policy for the indefinite future. On theComex division of the New York Mercantile Exchange, copper futures for July delivery tradedat USD3.383 a pound during European morning trade, up 1.2% on the day. New York-tradedcopper prices rose by as much as 1.5% earlier in the day to hit a session high of USD3.391 apound, the strongest level since May 8. Investors looked ahead to testimony at the U.S. JointEconomic Committee by Federal Reserve Chairman Ben Bernanke, amid speculation overwhether the U.S. central bank will begin to scale back its asset purchase program thisyear.
The minutes of the Fed’s May meeting are to be released later in the
trading day. OnTuesday, St. Louis Fed President James Bullard said the Fed should continue its bond buyingand make adjustments as the economy changes. Comments by New York Fed President

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