Base Metals - Commodity Snippet - Dec 8, 2020 - Reliance Securities

LME copper prices slipped on Monday after earlier hitting near eight-year highs as profit-taking on long positions triggered by data showing a small drop in copper imports by top consumer China.

Arrivals of unwrought copper and copper products totalled 561,311 tonnes last month, down 9.2% from 618,108 tonnes in October, but up 16.2% from November 2019.

U.S. Dollar rebounded from lows of the session on Monday and weighed on prices.

Copper on MCX ended lower on Monday, while other metals also ended with modest mixed on Monday.

International and Domestic Outlook

Copper on the LME has started marginally lower this Tuesday morning in Asian trade.

Technically, LME Copper has given a correction below $7700 levels indicating sideways to marginal downside momentum up to $7650-$7580 levels. Resistance is at $7690-$7740 levels.

Domestic copper could start marginally lower this Tuesday morning, tracking a subdued start in the overseas prices.

Technically, MCX Copper December could consolidate in a range of 590-597 levels in coming session where breakdown below 588 levels will act as a sign of Bearish Reversal.

MCXMETLDEX has bounced back from 13350 levels where it ended above 13500 levels indicating sideways to marginal upside momentum in coming sessions.

Source : Equity Bulls

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