Shanghai base metals broadly rose on Monday morning as China’s manufacturing activity expanded in August. The official manufacturing Purchasing Managers’ Index (PMI) for August came in at 51.0, according to the National Bureau of Statistics. Base metals on LME also rose higher as the dollar index fell and were on track for its fourth consecutive monthly decline. The prices getting support after U.S. Federal Reserve’s new policy framework suggested that interest rates would remain low for some time. Copper inventories in LME-registered warehouses at 92,025 tonnes are the lowest since 2006 and down from more than 280,000 tonnes in May. Japan’s factory output rose for a second straight month in July, while retail sales fell for a fifth straight month.
TREND : WEAK BULLISH
Time : 31/08/2020
Pivot : 3.0116
Technical View : LONG ABOVE 3.0156
Target : 3.0252, 3.0321, 3.0442
Technical View : SHORT BELOW 3.0076
Target : 3.0022, 2.9911, 2.9832