Copper on MCX settled down -0.48% at 447.7 after the International Monetary Fund cut its global growth forecast and the United States threatened to slap tariffs on hundreds of European goods. The International Monetary Fund (IMF) cut its forecast for world economic growth this year to 3.3 percent from 3.5 percent previously, citing the U.S.-China trade war and a potentially disorderly British exit from the European Union.
The U.S. Trade Representative proposed a list of European Union products ranging from large commercial aircraft and parts to dairy products and wine on which to slap tariffs as retaliation for European aircraft subsidies. The indigenous community of Fuerabamba in southern Peru voted to suspend its two-month road blockade of Chinese miner MMG Ltd’s Las Bambas copper mine for two days until the government visits the region on Thursday.
Fuerabamba villagers held an assembly to decide whether to accept a deal signed by their leader Gregorio Rojas and MMG over the weekend that would have ended the blockade in exchange for compensation from the company. The decision marks a fresh setback for MMG and its flagship mine Las Bambas, which the company had forecast would produce 385,000 to 405,000 tonnes of copper this year.
US job openings, a measure of labour demand, tumbled by 538,000 to a seasonally adjusted dropped 7.1 million, the Labor Department said in its monthly Job Openings and Labor Turnover Survey (JOLTS). Technically market is under long liquidation as market has witnessed drop in open interest by -3.54% to settled at 10024 while prices down -2.15 rupees, now Copper is getting support at 445.8 and below same could see a test of 443.8 level, And resistance is now likely to be seen at 450.1, a move above could see prices testing 452.4.
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