Copper - April 8, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

LME Copper and other metal prices rose on Thursday tracking the weakness of the U.S Dollar.

Domestic Copper and the rest of the metal prices on MCX ended with solid gains on Thursday, tracking overseas prices.

The dollar was pressured by unexpectedly strong economic data in Europe, downbeat U.S. jobs figures and a determinedly accommodative Federal Reserve that prompted investors to unwind some bets on the greenback.

LME Copper prices and the rest of the base metal complex have started flat to weak this Friday morning in Asian trade.

Technically, LME Copper is trading above the 21-Daily Moving Average at $8950 and could see a bullish momentum up to $9020-$9130 levels.

Technically, LME Nickel could trade in a range of $16650-$16950.

Domestic copper and rest of the base metal complex could open flat this Friday morning, tracking overseas prices.

Technically, MCX Copper April resistances are at 697 and 701. Supports are at 692 and 689.

Technically, MCX Nickel April resistances are at 1277 and 1290. Supports are at 1257 and 1240.

MCXMETLDEX resistance is at 14690 and a break above could push prices to 14950. Support is at 14370 and 14250.

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Source : Equity Bulls

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