Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
LME Copper and other industrial metals ended in the red on lukewarm demand in top metals consumer China and uncertainty about rising inflation.
Domestic Copper and other metals ended weaker on Wednesday, tracking overseas markets.
However, dollar turned lower on Wednesday after the Fed Chairman's remarks and capped further downside.
Volumes were low in the markets as investors awaited the Chinese GDP and other data on Thursday.
LME copper prices have started flat to higher this Thursday morning in Asian trade supported by a slightly upbeat data.
Other metals are also started with small gains this Thursday morning in Asian trade.
Data from China showed that the country's GDP number came in at 7.9% y-o-y for the 2nd quarter marginally lower than expectation of 8.1%.
However, q-o-q GDP was better than expectations at 1.3% vs. a poll at 1.2% expected and 0.6% in the previous quarter.
Other data was also better than expected with retail sales growing about 12.1% vs. a poll of 11.0% and Fixed Asset investment growing at 12.6% vs. a poll of 12.1%.
Technically, LME Copper could see a sideways to marginal downside momentum up to $9315-$9200 levels. Support is at $9450-$9560 levels.
LME Nickel could trade in a range of $18500-$18800 levels.
Domestic copper could start flat to higher this Thursday morning, tracking overseas prices.
Other metals could start flat to higher this Thursday morning, tracking overseas prices.
On the domestic front, MCX Copper below 723 levels could see 720-718 levels. Resistance is at 723-726 levels.
MCX Nickel July could trade on sideways to momentum up to 1405-1415 levels. Support is at 1390-1380 levels.
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