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.