Copper - Outlook - April 6, 2021 - Reliance Securities
(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.
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