Canadian mining company Turquoise Hill Resources Ltd is locked in a feud with its largest shareholder, Rio Tinto Plc, over the underground expansion of its massive Oyu Tolgoi copper mine in Mongolia
Zinc, aluminium poised for correction as prices move ahead of fundamentals
India is investigating imports of copper tubes and pipes from Malaysia, Vietnam and Thailand, to determine whether producers in these countries were receiving unfair subsidies, the government said
The probe covers imports shipped between April 1, 2019 and March 31, 2020
Out of the total deliveries of metal, aluminium accounted for 30,771 tonnes, copper 24,852.50 tonnes, lead 10,517 tonnes, nickel 3,646.50 tonnes and zinc 37,027 tonnes
Negative divergence (RSI_14) on daily scale is being seen in Copper since July-end
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.