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Copper Outlook - Aug 23, 2021 - Reliance Securities

Posted On: 2021-08-23 08:51:46 (Time Zone: IST)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

LME copper prices rebounded on Friday but remained on track for the largest weekly drop since June due to worries about demand in top consumer China, the possible withdrawal of U.S. central bank stimulus and rising COVID-19 infections.

Domestic copper also recovered on Friday, tracking overseas prices.

Negative factors haven't gone away, but the question in the mind of investors and traders is whether they have been fully priced in or if there is more to go.

China accounts for around half of global consumption of industrial metals. Economic data show growth in the country has been slowing in recent months.

The stronger dollar was also an additional negative on prices.

On positioning, it looks like most longs have been cut or reversed into shorts.

Data from U.S. CFTC showed copper speculators cut their net long in futures and options positions by 12,022 contracts to 19,944 in the week to August 17.

LME copper extended gains this Monday morning in Asian trade.

Technically, LME Copper below $9100 level could see a Bearish momentum in the counter up to $8930-$8800 levels. Resistance is at $9170-$9230 levels.

Domestic copper could this Monday morning with gains, tracking overseas prices.

Technically, MCX Copper August below 700 level could see a Bearish momentum up to 695-688 levels. Resistance is at 704-709 levels.

MCXMETLDEX could see a Bearish momentum where it could trade in a range of 15000-15320 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.


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