Copper - March 4, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

LME Copper and rest of the base metal prices crashed on Thursday amid continued profit booking.

Nickel crashed to a seven-week low after LME inventories rose to their highest level since July 2018.

Copper and rest of metal prices on MCX also crashed on Wednesday, tracking overseas prices.

Investors were jittery ahead of this week's annual Chinese parliament meeting at which China will announce goals for 2021 as well as its next five-year plan for economic development.

LME Copper started mixed this Thursday morning in Asian trade.

Technically, LME Copper could trade on a negative note up to $9040-$8890 levels. Resistance is at $9155-$9230 levels.

Domestic copper could open mixed this Thursday morning, tracking overseas prices.

Technically, MCX Copper March could see a downside pressure up to 697-693 levels. Resistance is at 706-709 levels.

MCXMETLDEX could continue its Bearish momentum but could remain within the trading range of 14250-14500 levels.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.

Source : Equity Bulls

Keywords