Copper - Outlook - April 1, 2021 - Reliance Securities
(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
LME Copper prices rose on Wednesday on strong factory data in top metals consumer China and on hopes for an influx of new U.S. infrastructure spending.
Domestic Copper and the rest of the metal prices on MCX ended with gains on Wednesday.
The U.S. Dollar fell from the highs of the session and lifted prices.
Other metals also ended with gains on Wednesday.
LME Copper prices and the rest of the base metal complex have started higher this Thursday morning in Asian trade.
Technically, LME Copper is holding a resistance near $8960 level & support is at $8630 levels and could trade within these ranges.
Technically, LME Nickel could trade in a range of $15950-$16150.
Domestic copper and rest of the base metal complex could open higher this Thursday morning, tracking overseas prices.
Technically, MCX Copper April could trade within the narrow range of 665-672 levels.
Technically, MCX Nickel April could see some Bearish momentum up to 1171-1160 levels. Resistance is at 1191-1210 levels.
MCXMETLDEX could trade in a range of 13750-13890 levels.
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