Copper - March 29, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

LME Copper prices fell on Monday tracking the strength of the U.S. Dollar.

Domestic Copper and the rest of the metal prices on MCX ended weaker on Monday.

Weighing on copper prices are stocks in LME registered warehouses. At 132,050 tonnes, they are up nearly 80% since the beginning of March.

Hedge funds and money managers increased their net long positions in copper futures and options by 970 contracts to 45,540 in the week to March 23, CFTC data showed.

LME Copper prices have started marginally lower this Tuesday morning in Asian trade.

Rest of the base metal complex has started mixed this Tuesday morning in Asian trade.

Markets will look to cues from the surveys of manufacturing activity in China later this week which are expected to show activity expanded more quickly in March.

Technically, LME Copper could see a sideways momentum within the range of $8750-$9030 levels.

Technically, LME Nickel could trade in a range of $16200-$16400.

Domestic copper could open flat this Tuesday morning, tracking overseas prices.

Rest of the base metal complex could start mixed this Tuesday morning, tracking overseas prices.

Technically, MCX Copper April could see sideways to negative momentum in coming session where support is at 666-662 levels. Resistance is at 672-675 levels.

Technically, MCX Nickel April could see some Bearish momentum up to 1180-1172 levels. Resistance is at 1191-1202 levels.

MCXMETLDEX could trade in a range of 13700-13950 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