Copper for its Feb contract was trading at Rs. 460.50 advancing from its PCP of 458.60. In the fundamental section the Fed has once again been in the news on concerns that it would announce cutting down its $85 billion monthly bond purchases. Copper prices declined by 0.20% to settle at 331.50 USD/lb at the COMEX after its longest rally since December 2010.

UK unemployment rate has unexpectedly fallen to a four year low of 7.4% form 7.6% in the quarter through September, according to the Office for National Statistics in London.The number of employed people surged by a record 250,000 to record figure of 30.1 million during the quarter through October, the biggest increase since July 2010.

One of the largest producer of the red metal, Peru has produced 122,305 tons of copper this year. This is an increase of 6.48% compared to 114,864 in the same period last year, according to the data released by the Mines and Energy Ministry.

View on Copper for 10/12/2013

Copper should be sold around 449 with strict s/l of Rs.452.If it breaks 452 it might reach to the level of 457.The lower side support appears to be at 446 & 444.

View on Gold for 10/12/2013

Gold appears to be in uptrend for a while.It should be bought around 29100 with s/l below 28800 for the tgt 29550/29700.It would also give trading opportunity between the range of 28800-29600

View on Crude for 10/12/2013

One should try to buy crude on every correction with strict s/l of 5820 for the tgt 6100.

Copper for its Feb contract traded at Rs 446.10 showing  change of -0.04% from its PCP of Rs. 446.30. Copper traded low on the wake of a firm rupee. The currency rose 0.6% today and touched 61.4075, its strongest level since Oct,31.

China stumbles again

China's HSBC manufacturing PMI fell to 47.7 in July form the previous reading of 48.2 last month. The Analysts had expected the index to rise to 48.6. 

Copper at the MCX closed at Rs. 419.65 from its previous closing price of Rs. 421.85, after opening at Rs 421.25. It registered a high of 423.35 and a low of 417.40 during the day.

Euro zones PMI rose more than expected last month, the PMI rose to 50.1 from 48.8 in the last month. The expectation was that the index would rise to 49.1. 

Copper Rises post US data

Copper prices rose after positive US industrial production data. The US industrial production data rose by 0.5% in June as against the expectations of a 0.3% increase, after its 0.1% increase in May. 

The consumer prices Y-O-Y rose by 1.8% up from the 1.4% increase in May, the expectation was of a 1.7% gain in the prices. The dollar index which is the relative index of the greenback against six major currencies fell by 0.62% to 82.53.

COMEX Copper rose to 317.8 USD/lb for its September 13 contract. 

VIEW ON COPPER

It appears to keep on trading between 426  to 405.Any beakout above 430 could take its price to the level of 455.And any breakout below 405 could take copper to level of 388.The swing is happening because of the data from CHINA & USA.However if the rupee starts appreciating this will also cause copper to come down.

Commodities stumble on weak China GDP data

China's GDP numbers for the first quarter of 2013 stumbled the prices of the commodities and stocks worldwide. The reports released by the National Bureau of Statistics stated the growth in the GDP of China for Q1 2013 to be at 7.7 percent from the previous year. The economy grew at a slower pace in the first quarter than the growth rate of 7. 9% witnessed in the last quarter of the previous year. The expected GDP growth rate for the first quarter was 8 percent. 

In a separate report, contrary to the expectations of a 10% growth in the Industrial output,  the Industrial Output growth of China for the month of March stood at 8.9 percent on the previous year. Industrial output for the month of February was 9.9%.  Further underpinning the growth recovery in China, the World Bank downgraded the growth forecast of China by 0.1 percent to 8.3%. China stands out to be the largest consumer of Copper in the world.

At the MCX Copper prices for its April end Contract contracted by 2.03% from its previous closing price of 404.5, the metal closed at 396.1 after registering a high of 402.65 and a low of 386.50; this was also the  all time low for the contract. On the COMEX the metal traded 0.29% higher at 327.30 USD/lb for its May,13 contract.

Meanwhile Crude Oil touched its lowest level so far this year on the wake of concerns over its second largest consumer. WTI for May delivery decreased by 2.8 percent to close at $88.71 at the NYMEX, the lowest since Dec, 24. At the MCX Crude prices were down by 2.57 percent at 4847, it made an intra-day high of 4956 and a low of 4792. 

Demand for Crude Oil in China seems bleak. China's demand for crude oil for the month of March grew by 2.7 percent y-o-y to 9.77 million barrels a day, however the demand was weaker than 10.2 million barrels a day experienced in the month of February. Demand in the month of March was indeed at its lowest level since last October.