COPPER

FUNDAMENTALS

Copper prices recouped its losses and closed steady Tuesday.  The prices rebound as some traders booked profits ahead of Thanksgiving holidays. Moreover new lows of the dollar against the Euro and record high of crude oil helped copper to recover.

Further, US housing starts numbers came higher than expected and Japanese all industry index advanced higher showing slight ease in risk. Japan’s exports in October rose to a record 13.9% on year revealing decrease in the US demand was offset by demand from Asia and Europe.

The US, UK markets gained thus supporting copper prices.

Copper came in action on panic after another earthquake of a magnitude of 6.3 striked Northern Chile, the biggest mining area of the country. Though, later no damages were reported.

LME warehouse stocks added 350 mt to 181,275 mt Tuesday.  However Comex warehouse copper stocks decreased by 356 st to 17,981 st.

TECHNICALS

Copper chart is displaying a downtrend of prices. Copper prices have closed below short and medium term EMA’s showing weakness in the market. MACD is falling in negative zone showing bearish momentum. RSI is rising in neutral region indicating firmness though Stochastic Oscillator is falling in neutral region indicating weakness. Copper may trade volatile during the session.

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