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Copper - Outlook - April 1, 2021 - Reliance Securities

Posted On: 2021-03-31 20:18:28 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

LME Copper prices rose on Wednesday on strong factory data in top metals consumer China and on hopes for an influx of new U.S. infrastructure spending.

Domestic Copper and the rest of the metal prices on MCX ended with gains on Wednesday.

The U.S. Dollar fell from the highs of the session and lifted prices.

Other metals also ended with gains on Wednesday.

LME Copper prices and the rest of the base metal complex have started higher this Thursday morning in Asian trade.

Technically, LME Copper is holding a resistance near $8960 level & support is at $8630 levels and could trade within these ranges.

Technically, LME Nickel could trade in a range of $15950-$16150.

Domestic copper and rest of the base metal complex could open higher this Thursday morning, tracking overseas prices.

Technically, MCX Copper April could trade within the narrow range of 665-672 levels.

Technically, MCX Nickel April could see some Bearish momentum up to 1171-1160 levels. Resistance is at 1191-1210 levels.

MCXMETLDEX could trade in a range of 13750-13890 levels.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.


Source: Equity Bulls

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