MCX Copper June trading in tight range as china import increased by 13.7% from a year earlier while china production in May rose by 18% on year. Both news are contradiction to trend.
China imported 420,000 metric tons of copper concentrate in May, up 13.7% from a year earlier, according to preliminary data issued by the General Administration of Customs Monday. The country imported a total of 2.29 million tons of copper concentrate in the first five months, up 21.6% on year, it added.
Impact : Data is supportive for copper prices.
China's copper output in May rose 18% on year to 324,000 metric tons, the National Bureau of Statistics said Monday. Total output in the January-May period rose 19% to 1.49 million tons, it said.
Impact : Data is weak for Copper prcies.
Technical Outlook :
Technical have turned neutral to bullish and market is expceted to remian positive above 342.5 levels. If sustain above this level can see a rally towards 345.9 and 350.0 , If market sustains below 338.4 can see a further fall towards 335.1 and 331.0
Recommendation ; Buy on dips of 338 Target 342 and 347 Stop loss at 334.20
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