China Returns To Markets, MCX Copper Can Show Marginal Uptrend

Copper....

MCX Copper can show marginal uptrend considering the meager prices rise in China and LME. The metal has been in disarray over the past week after the draw down in trading interest and high rising stocks of Copper. Shanghai Copper is seen trading at 54410 yuan per tonne, up 40 yuan per tonne. LME Copper three month prices were seen at $ 7453 per tonne, up $ 42 per tonne. Worry for metal going ahead is the end of three week long strike in Chile that was supporting the metal from time to time. Workers in Chile ended the strike in the weekend and this will eradicate the supply side worries that were present when the strike was on. Meanwhile, Commitment of trader's latest report for week ending 2 April 2013 highlight tough days for Copper. The report showed that fund managers continued to increase their short positions. The total short positions gained by 7582 contracts taking total short contracts number to 60302. Long contracts showed a decline of 1382 contracts and were at 21302. Total net short positions therefore moved up by 30% to 39000 contracts. Indian Copper April expiry can move above Rs 407 per kg in intraday though Resistance is active at Rs 408.5 and 410 per kg levels. The prices this week will face enough volatility after Chinese markets reopening. Supports for the metal are at Rs 405 and Rs 403 per kg. Among other metals, Nickel settled at Rs 877 per kg, down 0.31%. The metal is supported at Rs 875 and 850 per kg. Resistance for the metal is at Rs 885 per kg. Source  by Commodity Insights