Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
London Copper prices rose to a record high on Friday in early afternoon trade in Asia as tight supply outlook and hopes for strong demand amid the global economic recovery boosted sentiment.
The only concern is lack of physical buying in China as China's copper imports in April fell from the previous month, customs data showed, as a rally in prices for the metal to the highest levels in a decade made purchases less appealing.
Technically, LME Copper resistances remain at $10265 and $10413.00. Supports remain at $9964.00 and $9816.25.
Domestic Copper prices are trading with gains on Friday in early afternoon trade, tracking overseas prices.
Technically, MCX Copper May supports remain at 764.80 and 759.00. Resistances are at 777.20 and 780.00 and a break above both resistances could see copper test 800.00 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.