Base Metals - Commodity Snippet - Dec 15, 2020 - Reliance Securities

LME copper prices ended with small losses on Monday amid profit booking.

Other metals ended mixed on Monday.

However, downside in copper was capped as investors pinned hopes for a global economic recovery on the rollout of coronavirus vaccines.

Also limiting downside in metal prices was a weak U.S. Dollar, which continued to remain under pressure.

Markets were also supported by comments from the European Union's chief Brexit negotiator Michel Barnier that sealing a trade pact with Britain was still possible before a Dec. 31 deadline.

Copper and other metals on MCX ended flat to higher on Monday tracking international markets.

International and Domestic Outlook

Copper and rest of the base metals on the LME has started lower this Tuesday morning in Asian trade amid profit booking and investors fresh triggers in the market.

Technically, LME Copper could see correction below $7750 levels up to $7680-$7600 levels in the coming session. Resistance is at $7820-$7895 levels.

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

Technically, MCX Copper December below 600 levels can see a downside pressure up to 597-593 levels. However if sustaining above 603 could rebound its upside momentum up to 607-610 levels.

MCXMETLDEX ended on a positive note where 13700 is holding a support. It could trade in a range of 13600-13850 levels.

Source : Equity Bulls

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