Copper - Reliance Securities - March 4, 2021

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

LME Copper and rest of the base metal prices extended their cuts this Thursday morning and early afternoon trade in Asia amid profit booking.

LME Nickel prices crashed on Thursday after a major deal by Chinese firm Tsingshan eased worries of battery-grade nickel supply shortage.

China's Tsingshan Holding Group, a nickel and stainless-steel giant, will provide 100,000 tonnes of nickel matte to Huayou Cobalt and battery materials maker CNGR Advanced Material.

Technically, LME Copper could see downside pressure up to $8955-$8684 levels. Resistance is at $9130-$6260 levels.

Technically, LME Nickel could trade in a range of $15400-$16600 levels in coming session.

Domestic copper and nickel prices are trading lower, tracking weak overseas prices.

Technically, MCX Copper March could see a downside pressure up to 689-684 levels. Resistance is at 697-703 levels.

MCX Nickel March could see a downside momentum up to 1150-1108 levels. Resistance is at 1210-1235 levels.

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Source : Equity Bulls

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