Copper on MCX settled up 0.93% at 455.1 after data from China showed higher unwrought copper imports in March, while declining inventory and concerns over supply deficit also lent support. China’s fiscal spending increased 15 percent during January-March from year ago levels to support economic growth, and local governments quickened their bond issuance for key projects, the finance ministry said.
For the whole of 2018, fiscal spending rose 8.7 percent from 2017 levels, according to finance ministry data. China imported 391,000 tonnes of unwrought copper last month, up 25.7 percent from the previous month and 26.5 percent higher than a year earlier, data showed. China's March copper ores and concentrates imports were also higher than the year-ago levels, at 1.77 million tonnes, but down from an unusually strong February.
Copper stocks in LME-approved warehouses were down 2,000 tonnes on April 11 compared with the previous day, while copper inventories in warehouses tracked by the Shanghai Futures Exchange fell 5 percent from a week ago to 245,178 tonnes, latest data showed. Copper will face more disruptions this year than in 2018, as labour strife, extreme weather and unexpected project delays will knock as much as a million tonnes off 2019 production.
Funds have this year played copper from the short side and from the long side but with little success either way, partly a reflection of copper's lack of directional impetus in recent weeks Technically market is under fresh buying as market has witnessed gain in open interest by 3.95% to settled at 11365 while prices up 4.2 rupees, now Copper is getting support at 452.4 and below same could see a test of 449.6 level, And resistance is now likely to be seen at 458.5, a move above could see prices testing 461.8.
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