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Copper - August 27, 2021 - Reliance Securities

Posted On: 2021-08-28 19:30:43 (Time Zone: IST)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

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.

Signs of renewed physical demand for copper included China's Yangshan premium which has more than doubled this month to $122.50 a tonne.

LME on-warrant inventories have fallen over the past two days while the premium for LME cash copper over the 3-month contract jumped to $27.95 a tonne, suggesting more demand for near-term supplies.

However, prices were not able to break last week's highs weighed down by the weakness from the Chinese equity markets which ended weaker in response to concerns that government efforts to cool the property market could ripple through the economy.

OUTLOOK

Markets are awaiting more signals on stimulus tapering from the head of the U.S. Federal Reserve, Jerome Powell, who is due to make a speech today at the Jackson Hole meeting of central bankers.

There is a remote possibility that the Fed chair may not announce anything in his speech on Friday and could make an announcement at the September meeting after the awaiting the August non-farm payroll number in the 1st week of September.

His comments are likely to set the direction of the dollar, which has a big impact on copper.

A more cautious tone will be dovish for the dollar and further aid base metals.

Technically, LME Copper resistances are at $9450 and $9650 levels. Supports are at $9200, $9100 and $8965.

On the domestic front, MCX Copper September pivotal level to watch out for is Rs.721.65 and a break above could push prices to Rs.733.00. a break below could pull prices to Rs.710.00.

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