Copper settled down -0.33% at 406.95 after economic data from China showed manufacturing activity in the world's largest importer of the industrial metal recovering only marginally last month. China's official purchasing managers' index crept up to 50.4 last month, compared to 50.3 in March, where any number above 50 indicates expansion.
Though in line with economist forecasts, the reading was seen as only a small improvement in the manufacturing sector, rather than a decisive rebound. Meanwhile, the Fed said Wednesday it would reduce its bond purchases by $10 billion to a total of $45 billion a month, in a widely expected decision.
The U.S. central bank acknowledged that first quarter growth was far weaker than expected, but added that momentum had started to pick up in recent weeks.
Data released showed that the U.S. economy grew at an annual rate of 0.1% in the first three months of the year, well below forecasts for an expansion of 1.2%.Investors will be keeping a close eye on Friday's non-farm payroll number in the U.S, which many believe offers the clearest picture of the country's economy.
The Institute for Supply Management said its index of purchasing managers rose to 54.9 last month from a reading of 53.7 in March.
The upbeat data came after the Commerce Department reported that U.S. personal spending rose 0.9% in March, up from an upwardly revised 0.5% the previous month and ahead of expectations of 0.6%.
Technically market is under fresh selling as market has witnessed gain in open interest by 3.17% to settled at 15902 while prices down -1.35 rupee, now Copper is getting support at 405.5 and below same could see a test of 404.1 level, and resistance is now likely to be seen at 408.4, a move above could see prices testing 409.9.
Trading Ideas:
--Copper trading range for the day is 404.1-409.9.
--Copper dropped following the release of disappointing data on China’s manufacturing sector and after Fed decided to taper its monthly bond-buying program.
--Data showed that China’s official manufacturing purchasing managers’ index inched up to 50.4 in April, just below an expectation of 50.5.
--The Fed said it would reduce its bond purchases by $10 billion to a total of $45 billion a month, in a widely expected decision.
www.punjiniveshonline.com
www.punjiniveshonline.com
Though in line with economist forecasts, the reading was seen as only a small improvement in the manufacturing sector, rather than a decisive rebound. Meanwhile, the Fed said Wednesday it would reduce its bond purchases by $10 billion to a total of $45 billion a month, in a widely expected decision.
The U.S. central bank acknowledged that first quarter growth was far weaker than expected, but added that momentum had started to pick up in recent weeks.
Data released showed that the U.S. economy grew at an annual rate of 0.1% in the first three months of the year, well below forecasts for an expansion of 1.2%.Investors will be keeping a close eye on Friday's non-farm payroll number in the U.S, which many believe offers the clearest picture of the country's economy.
The Institute for Supply Management said its index of purchasing managers rose to 54.9 last month from a reading of 53.7 in March.
The upbeat data came after the Commerce Department reported that U.S. personal spending rose 0.9% in March, up from an upwardly revised 0.5% the previous month and ahead of expectations of 0.6%.
Technically market is under fresh selling as market has witnessed gain in open interest by 3.17% to settled at 15902 while prices down -1.35 rupee, now Copper is getting support at 405.5 and below same could see a test of 404.1 level, and resistance is now likely to be seen at 408.4, a move above could see prices testing 409.9.
Trading Ideas:
--Copper trading range for the day is 404.1-409.9.
--Copper dropped following the release of disappointing data on China’s manufacturing sector and after Fed decided to taper its monthly bond-buying program.
--Data showed that China’s official manufacturing purchasing managers’ index inched up to 50.4 in April, just below an expectation of 50.5.
--The Fed said it would reduce its bond purchases by $10 billion to a total of $45 billion a month, in a widely expected decision.
www.punjiniveshonline.com
www.punjiniveshonline.com
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