(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
LME Copper ended the day lower, however prices initially rose to an intraday high of $9617/tonne as investors scrambled to buy metals as a hedge against potential inflation from ongoing central bank stimulus.
Copper ended lower on Thursday after touching new highs, tracking overseas prices, while the rest of metals also ended lower tracking overseas prices.
Prices also moved higher amid low supplies for the metal.
Additionally, some profit taking was also observed at higher levels.
LME Copper prices started lower this Friday morning in Asian trade.
Technically, LME Copper could trade in the range of $9210-$9380 levels.
Domestic copper and rest of metals could open lower this Friday morning, tracking overseas prices.
Technically, MCX Copper February made All-time high at 745.50 levels and above 720 could see up to 726-731 levels. Support is at 716-712 levels.
MCXMETLDEX March could see Bearish momentum where it could trade in a range of 15000-15280 levels.
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