Copper on MCX settled down -0.88% at 382.35 on a surge in warehouse stocks but the threat of strike action at two Chilean mines curbed losses. Chilean mining company Antofagasta Minerals was facing potential strikes from workers at its Zaldivar mine and by supervisors at Centinela as contract talks continue. The supply side and disruptions are to some extent offsetting the more bearish news surrounding the stock increases. The combined annual production at both Chilean mines is 160,000 tonnes of copper.
At the MCX, copper futures for August 2017 contract is trading at Rs 383.25 per kg, up by 0.24 per cent, after opening at Rs 382.20, against a previous close of Rs 382.35. It touched the intra-day high of Rs 383.90.
Technically market is under long liquidation as market has witnessed drop in open interest by -4.41% to settled at 14166 while prices down -3.4 rupees, now Copper is getting support at 380.1 and below same could see a test of 377.9 level, And resistance is now likely to be seen at 385.4, a move above could see prices testing 388.5.
Trading Ideas:-
* Copper trading range for the day is 377.9-388.5.
* Copper dropped on a surge in warehouse stocks but the threat of strike action at two Chilean mines curbed losses.
* However, downside seen limited supported by strike threats at a South American copper producer.
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