Base Metal: On First day of December series, US President Donald Trump declared in sequences of stakes on social media boards & Twitter that he was striking fresh tariffs on steel and aluminium imports from Brazil and Argentina. Brazil and Argentina have remained governing above enormous reduction of their currencies, which is not respectable for our agriculturalists. So, effective instantly, US President Trump tweeted that: “I will restore the tariffs on all steel and aluminium that is shipped into the US from those countries”. It was trailed by remarks from US Commerce Secretary Wilbur Ross that time is running out for the US and China to agree on a trade deal before December 15, once the US is planned to enforce an extra 15% tariff on about $156 million of Chinese goods. The dollar index, which measures the strength of the US currency in contradiction of a basket of foreign currencies, was at 97.82 as at 03:30 PM IST. On Monday, China’s Caixin industrial PMI rose to 51.8 in November, marginally up from 51.7 in the previous month. Germany’s final industrial PMI rose to 44.1 in the similar month, thrashing the prediction 43.8.
In MCX Copper Open & high were almost near at 432.40 it opened. It made a high of 432.60 and low of 429.30 level. Currently RSI of the Copper is around 30.88 level which indicates weakness in the underlying. As per the Bollinger band currently it is trading around lower standard deviation at 430.20 level. It can be traded in the range where 426.70 level can act as support level & 435.15 level can work as resistance level.