Copper - April 16, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

LME Copper and other metal prices rose on Thursday tracking the weak dollar.

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

Copper imports into top consumer China in March rose 25% from a year earlier; customs data showed and lifted prices.

Additionally, inventories in LME-registered warehouses fell by 2,550 tonnes to 169,475 tonnes, but have more than doubled since February.

LME base metal complex have started weaker this Friday morning in Asian trade amid profit booking.

China's economy grew at a record pace in the 1st quarter, official data showed on Friday, expanding 18.3% from a year earlier as the recovery from the coronavirus slump accelerated. The growth in gross domestic product (GDP) was slower than the 19% forecast.

Technically, LME Copper resistances are at $9330 and $9400. Supports are at $9130 and $8920.

Technically, LME Nickel could trade in a range of $16250-$16550.

Domestic base metal complex could open weaker this Friday morning, tracking overseas prices.

Technically, MCX Copper April resistances are at 721 and 724. Supports are at 715 and 712.

Technically, MCX Nickel April resistances are at 1255 and 1275. Supports are at 1225 and 1210.

MCXMETLDEX April contract could trade in a range from 14450 to 14750.

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Source : Equity Bulls

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