(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
LME Copper prices ended with gains on Wednesday on renewed optimism over the prospect of another tranche of stimulus spending in the U.S., helping to boost economic recovery and metals demand.
Copper on MCX ended higher on Wednesday, tracking overseas prices.
The U.S Dollar extended losses on Wednesday and supported prices.
Meanwhile, copper stocks have tumbled by 40% over the past two months to 93,950 tonnes and lent support.
Other metals were higher on Wednesday.
LME Copper started higher this Thursday morning in Asian trade. Most other metals have also started higher this Thursday morning in Asian trade.
The U.S. Dollar extended losses this Thursday morning in Asian trade and lent support.
Technically, LME Copper has bounced back from 21- Daily Moving Average which is placed at $7940 levels where it is trading above $8060 on a positive note indicating a positive momentum up to $8075-$8098 levels. Support is at $8015-$7960 levels.
Domestic copper could open higher this Thursday morning, tracking overseas prices. Other metals could start with gains this Thursday morning, tracking overseas prices.
Technically, MCX Copper January holds an immediate support near 609-607 levels from where prices could bounce back up to 613-616 levels.
MCXMETLDEX February has bounced back from 13683 where it ended on a positive note above 13770 levels indicating a positive momentum in the counter.
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