Views on Copper - Jan 11, 2021 - Reliance Securities
(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
Copper and the rest of the base metals on MCX ended lower on Friday, tracking overseas prices.
LME Copper prices eased from close to eight-year highs on Friday as doubts grow over how much infrastructure stimulus the incoming U.S. administration will be able to deliver.
Other metals also eased on Friday as the U.S. Dollar rebounded from 2-year lows.
Hedge funds and money managers reduced their net long positions in copper futures and options by 1,240 contracts to 80,768 in the week to Jan. 5, data from the U.S. CFTC showed.
Copper and the rest of the base metals on the LME started marginally lower this Monday morning in Asian trade.
The U.S. Dollar was trading higher and capped upside.
Technically, LME Copper resistance is at $8130-$8150 levels. Support is at $8012-$7985 levels.
Domestic copper and the rest of the metals could open flat to marginally lower this Monday morning, tracking overseas prices.
Technically, MCX Copper January resistance is at 625-631 levels. Support is at 619-615 levels.
MCXMETLDEX January resistance is at 13950-14000 levels. Support is at 13740-13645 levels.
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