MCX settled down -1.46% at 444.4 on profit booking after prices seen supported as investors hoped for a U.S.-China trade deal. China's central bank has no intent to tighten or relax monetary policy, a vice governor said, adding that its use of reverse repos or a medium-term lending facility (MLF) does not signal it has a loosening bias. Liu Guoqiang, a People's Bank of China vice-governor, made the above comments at a briefing in Beijing.
China's prudent monetary policy is appropriate overall, and is neither tight nor loose, Sun Guofeng, another PBOC official, said at the same briefing. The world's top copper miner Codelco has added its first hybrid dumptruck to its fleet at its El Teniente mine, the company said, in a global mining industry that is increasingly seeking to reduce its emissions and environmental footprint.
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing for trade talks beginning on April 30, the White House said in a statement. The value of India's copper products exports declined 70 percent in the year ended in March 2019 primarily due to the shutdown of Vedanta Ltd's copper smelter, an industry association said.
Exports of copper and copper products, including cathodes, were $1.07 billion in the period from April 2018 to March 2019, down from $3.48 billion in the 2017/18 fiscal year, according to data from the India's Engineering Export Promotion Council (EEPC), which is supported by the country's trade ministry.
Technically market is under fresh selling as market has witnessed gain in open interest by 3.3% to settled at 9176, now Copper is getting support at 442.1 and below same could see a test of 439.6 level, And resistance is now likely to be seen at 449, a move above could see prices testing 453.4.
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