With this partnership, the companies have moved towards import substitution; Hindustan Copper is the only producer of concentrate in India
Lead has made narrow-bodied candles around 158-159 zone
Copper prices are far from 20 DMA and, historically, we have seen mean reversion happens when prices run too far from 20 DMA
Copper has made 'harami' candlestick pattern on daily scale which is a sign of reversal
The US non-farm payroll data later in the day could either make gold break the $1,800 level and start fresh momentum on the upside or make the intermediate top
Gold is trading in 'buy on dips' environment
Silver on the hourly chart is trading in a symmetrical triangle pattern with a breakout above 43,300 and breakdown below 42,200
The Rupee is finding resistance around 77.06 and upside momentum will continue above that level
ADX is showing momentum on the upside for Gold
Commodities Outlook & Stock recommendation by Bhavik Patel - Sr. Technical Analyst
Imports of copper concentrates by domestic manufacturers is inevitable due to lack of ample and quality deposits within the country
Commodities Outlook & Stock recommendation by Bhavik Patel - Sr. Technical Analyst
China, Japan, Korea, European Union (EU) are already importing copper concentrate at zero duty
Commodity outlook and trading ideas by Bhavik Patel - Sr. Technical Analyst (Commodities), Tradebulls.
While Trump said in a speech that a phase-one trade deal was close, the market focused on his comments about raising tariffs on Chinese goods
Meanwhile, China remains by far the largest global consumer of copper despite consumption faltering this year due to rising trade tensions with the US
The domestic copper industry, comprising the primary and downstream segments, is estimated to be around Rs 60,000 crore per annum
Domestic players fear RCEP will aggravate imports of wire and rods and widen the trade deficit; want refined copper in exempt list
From net exporter, India becomes importer of Copper
Tin gained, aluminum advanced the most in more than a week and nickel posted the largest three-day increase since April