Base Metals - Dec 4, 2020 - Commodity Snippet - Reliance Securities

LME copper prices ended flat to lower on Thursday, along with most of the metals amid profit booking.

Downside was capped as the dollar extended losses on Thursday.

Meanwhile, the net speculative long on LME copper was at the highest since Nov 2017, at 28% of open interest as of Tuesday's close.

Comex copper speculators raised their net long positions by 1,146 contracts to 80,111 in the week to Nov. 24, the U.S. Commodity Futures Trading Commission (CFTC) said.

Copper on MCX ended with small gains on Thursday, while other metals ended mixed.

International and Domestic Outlook

Copper and Other metals on the LME have started higher this Friday morning in Asian trade.

Technically, LME Copper is consolidating after hitting 52 week high at $7742.25 levels where it is trading above $7700 levels could continue its upside momentum up to $7780-$7815 levels. Below $7700 can drift to $7640-$7590 levels.

Domestic copper and other metals could start marginally higher this Friday morning, tracking a positive start in the overseas prices.

Technically, MCX Copper December is trading on a positive note after hitting All-time high levels of 595.25 levels. However it closed above 590 level indicating a positive momentum in the range of 587-598 levels.

MCXMETLDEX has bounced back from 13300 levels indicating sideways to marginal upside momentum.

Source : Equity Bulls

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