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Copper - Outlook - April 6, 2021 - Reliance Securities

Posted On: 2021-04-05 22:34:30 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

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

LME Copper prices and the rest of the base metal complex have started higher this Tuesday morning in Asian trade, tracking the weakness of the U.S Dollar.

Prices also took support after data showed that a recovery in China's services sector picked up speed in March as firms hired more workers and business optimism surged.

The Caixin/Markit services Purchasing Managers' Index (PMI) rose to 54.3, the highest since December, from 51.5 in February.

Technically, LME Copper has given breakout above $9000 levels indicating a positive trend to continue up to $9110-$9199 levels. Support is at $8940-$8860 levels.

Technically, LME Nickel could trade in a range of $16450-$16850.

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

Technically, MCX Copper April resistances are at 697 and 700 and a break above could push prices to 710 levels. Supports are at 688 and 685.

Technically, MCX Nickel April supports are at 1121 and 1110. Resistances are at 1231 and 1250.

MCXMETLDEX could trade in a range of 14000-14300 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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