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Commodities
Copper - May 7, 2021 - Reliance Securities
Posted On : 2021-05-07 17:22:20( TIMEZONE : IST )
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.
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