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Commodities
Copper - May 10, 2021 - Reliance Securities
Posted On : 2021-05-10 16:34:57( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
LME Copper prices extended gains to record highs on Monday early afternoon trade in Asia extending gains from last week on hopes for improved demand amid tightening supply.
Bullish investors bet that demand for copper will increase further as the world economy recovers from COVID-19 slumps and as investments into green energy sectors ramp up.
Technically, LME Copper hit an all-time high level at $10746 level and could continue its strong bullish trend up to $10820-$11000 levels. Supports are at $10580 and $10400 levels.
Domestic copper prices opened gap up this Monday morning and is trading higher on Monday early afternoon trade, tracking overseas prices.
Technically, MCX Copper May hit an all-time high level at 812.50 levels and remained in uncharted territory this Monday afternoon trade. Resistances are at 811 and 815. Supports are at 806 and 804.
Strategy for Copper May is buying on dips near 806 with a stoploss at 803 and at target at 812.
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