Copper - Market Open - April 19, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

Copper and rest of the metal prices on LME fell on Friday amid profit booking

Domestic Copper and the rest of the metal prices on MCX ended weak on Friday, tracking overseas prices.

However, metal prices were still on track for its biggest weekly rise in two months after solid U.S. economic data.

Upbeat homebuilding numbers added to robust data last week that underscored brightening U.S. economic prospects.

However, the numbers from China, were a mixed bag, with factory activity growing strongly but below forecasts and expected to slow and kept upside capped.

Speculators reduced their net long positions in copper futures and options by 9,864 contracts to 38,273 in the week to April 13, CFTC data showed.

LME base metal complex have started mixed this Monday morning in Asian trade.

Technically, LME Copper has given a breakout of Symmetrical Triangle formation indicating for bullish momentum in the counter. Support is at $9140 and $9020. Resistance is at $9255 and $9360.

Technically, LME Nickel could trade in a range of $16000-$16350.

Domestic base metal complex could open mixed this Monday morning, tracking overseas prices.

Technically, MCX Copper April support is at 706 and 704. Resistance is at 712 and 716.

Technically, MCX Nickel April resistances are at 1225 and 1240. Supports are at 1211 and 1198.

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