Base Metals - Commodity Snippet - Dec 1, 2020 - Reliance Securities
(Time Zone: Arizona, USA)
LME copper prices surged on Friday and extended gains on Monday supported by buoyant China manufacturing data and risk-on sentiment fuelled by vaccine developments.
Other metals ended mixed on Monday, with most of metals giving up gains.
China's official manufacturing Purchasing Manager's Index (PMI) rose to 52.1 in November from 51.4 in October, data from the National Bureau of Statistics showed. It was the highest PMI reading since September 2017.
Copper on MCX surged higher to new highs on Monday, tracking the LME prices.
International and Domestic Outlook
Copper and other metals on LME has started marginally higher this Tuesday morning in Asian trade.
Technically, LME Copper made a 52 week high at $7707.75 levels where below $7600 could see some sideways to marginal downside momentum up to $7566-$7480 levels. Resistance is at $7680-$7720 levels.
Domestic copper could start marginally weak this Friday morning, tracking a weak start in the overseas prices.
Technically, MCX Copper December hit an all-time high levels of 591.90 levels where it has reached to uncharted territory. However it has given a sharp correction from that level and started to trade near 582 levels indicating sideways momentum in the range of 577-585 levels.
MCXMETLDEX could hold resistance near 13700 level could see sideways to marginal downside momentum where it could trade in a range of 13200-13650.