(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
LME Copper and rest of the base metal prices crashed on Thursday amid continued profit booking.
Nickel crashed to a seven-week low after LME inventories rose to their highest level since July 2018.
Copper and rest of metal prices on MCX also crashed on Wednesday, tracking overseas prices.
Investors were jittery ahead of this week's annual Chinese parliament meeting at which China will announce goals for 2021 as well as its next five-year plan for economic development.
LME Copper started mixed this Thursday morning in Asian trade.
Technically, LME Copper could trade on a negative note up to $9040-$8890 levels. Resistance is at $9155-$9230 levels.
Domestic copper could open mixed this Thursday morning, tracking overseas prices.
Technically, MCX Copper March could see a downside pressure up to 697-693 levels. Resistance is at 706-709 levels.
MCXMETLDEX could continue its Bearish momentum but could remain within the trading range of 14250-14500 levels.
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