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Copper - April 8, 2021 - Reliance Securities

Posted On: 2021-04-08 20:17:36 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

LME Copper and other metal prices rose on Thursday tracking the weakness of the U.S Dollar.

Domestic Copper and the rest of the metal prices on MCX ended with solid gains on Thursday, tracking overseas prices.

The dollar was pressured by unexpectedly strong economic data in Europe, downbeat U.S. jobs figures and a determinedly accommodative Federal Reserve that prompted investors to unwind some bets on the greenback.

LME Copper prices and the rest of the base metal complex have started flat to weak this Friday morning in Asian trade.

Technically, LME Copper is trading above the 21-Daily Moving Average at $8950 and could see a bullish momentum up to $9020-$9130 levels.

Technically, LME Nickel could trade in a range of $16650-$16950.

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

Technically, MCX Copper April resistances are at 697 and 701. Supports are at 692 and 689.

Technically, MCX Nickel April resistances are at 1277 and 1290. Supports are at 1257 and 1240.

MCXMETLDEX resistance is at 14690 and a break above could push prices to 14950. Support is at 14370 and 14250.

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.


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