Copper - Feb 23, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

LME Copper prices skyrocketed to near-year highs above $9,000/tonne on Monday on hopes for a reflation of the U.S. economy from President Joe Biden's upcoming $1.9 Covid-19 stimulus.

Copper and most other metals ended with solid gains on Monday, tracking overseas prices.

The Dollar Index, benchmarked against six major currencies, hit a six-week low on Monday and lent support.

Other industrial metals also surged, with nickel trading above $20,000 a tonne for the first time since 2014.

LME Copper and rest of the base metals have started marginally lower this Tuesday morning in Asian trade amid profit booking.

Technically, LME Copper is trading below $9200 levels indicating a sideways to marginal downside momentum up to $9100-$8864 levels. Resistance is at $9170-$9233 levels.

Domestic copper and rest of metals could open lower this Tuesday morning, tracking overseas prices.

Technically, MCX Copper February has given correction below 700 levels indicating a sideways to marginal downside momentum up to 693-689 levels. Resistance is at 701-703 levels.

MCXMETLDEX March could see Bearish momentum where it could trade in a range of 14850-15100 levels.

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Source : Equity Bulls

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