MCX Copper trading bullish on China import news.

MCX Copper June trades high following LME movement ,registered days high near 349.40 and closed at 345.60 with 1.84% gain from previous closing. Days low registered near 339.

Oil and dollar movements supported copper futures Monday along with bullish Chinese production data and indications of market tightness. Copper also got a boost on "the market's view that Chinese May industrial production data were positive. Indications of market tightness also boosted the red metal.

Inventories of copper stored in London Metal Exchange warehouses rose 875 metric tons Monday, leaving them at 122,050. The most recent Comex inventory data, released late Friday afternoon, were unchanged at 11,040 short tons.

China imported 420,000 metric tons of copper concentrate in May, up 13.7% from a year earlier, according to preliminary data issued by the General Administration of Customs Monday. The country imported a total of 2.29 million tons of copper concentrate in the first five months, up 21.6% on year, it added.

China's copper output in May rose 18% on year to 324,000 metric tons, the National Bureau of Statistics said Monday. Total output in the January-May period rose 19% to 1.49 million tons, it said.

Chile exported $2.86 billion worth of copper in May, falling 33% from $4.28 billion in the same month last year, the central bank reported Monday. In April, Chile exported $3.72 billion worth of the red metal, up 10.4% from $3.37 billion in April 2007. During the second half of April and the first week of May, state copper giant Corporacion Nacional del Cobre de Chile, or Codelco, shut down several of its divisions as a result of a contract workers strike. The state miner is the world's largest copper producer.


MCX Copper June - Technical Outlook:

The daily stochastics have crossed over up which is a bullish indication. The prices closed above short term and medium term EMA, which supports bears. MACD is heading upwards in positive region, showing increase in bullish momentum.
Technical have turned neutral to bullish and market is expected to remain positive above 350.3 levels. If sustain above this level can see a rally towards 355.1 and 360.7, If market sustains below 344.7 can see a further fall towards 339.9 and 334.3

Recommendations-MCX Copper June: Buy at 344.50-344 Target 348 and 352 SL 341.5

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