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Copper - Sep 4, 2021 - Reliance Securities

Posted On: 2021-09-05 18:01:11 (Time Zone: IST)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

RECAP

LME copper prices recouped some of its losses made last week on signs of a rebound in physical demand.

Domestic copper also ended higher this week, tracking overseas prices.

The dovish speech by the Fed Chair Jerome Powell continued to push prices higher this week.

LME copper prices recovered tracking the weakness of the dollar.

Additionally, global equities rose to new highs as investors predicted more stimulus and rubbed of metal prices.

However, further upside was capped after data from China was on the weaker side of things.

Manufacturing contracted for the first time in nearly 1-1/2 years.

Factory activity lost momentum in most of Asia and Europe while U.S. private employers hired far fewer workers than expected in August and weighed on prices.

OUTLOOK

The key trigger for prices for the next few days will be tonight's nonfarm payroll data.

Till the data markets could remain range bound.

The Labour Department's non-farm payrolls report for August is expected to show 728,000 jobs were created, according to a Reuters poll.

If the number is weaker than the poll, we could see some downside in metal prices and vice versa.

Apart from the jobs data, CPI, PPI along with trade data from China will also influence the markets.

Technically, LME copper range for next week is $9250-9600 and breaks on either side will give us fresh ranges.

On the domestic front, September contract is 695.00-732.00 and breaks on either side will give us fresh ranges.

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