Base metals
LME base metals continue to tread lower, in light of expansion in supply, mounting stockpiles and doubts about end-user demand in China, the world’s largest metal’s consuming nation. Copper prices have breached the crucial support of USD 7,500/ton and can retest the 2012 low of USD 7,219/ton. Strengthening US dollar is also weighing on the complex. US dollar index has rebounded back above 83, deriving cues from improving macroeconomic tone in US.
MCX Copper (April)Price indication: Prices have support at Rs 400/kg and resistance at Rs 415/kg
MCX Copper April : Sell around 406 levels with a stop loss placed above 409 levels for targets of 402 levels.
LME base metals continue to tread lower, in light of expansion in supply, mounting stockpiles and doubts about end-user demand in China, the world’s largest metal’s consuming nation. Copper prices have breached the crucial support of USD 7,500/ton and can retest the 2012 low of USD 7,219/ton. Strengthening US dollar is also weighing on the complex. US dollar index has rebounded back above 83, deriving cues from improving macroeconomic tone in US.
MCX Copper (April)Price indication: Prices have support at Rs 400/kg and resistance at Rs 415/kg
MCX Copper April : Sell around 406 levels with a stop loss placed above 409 levels for targets of 402 levels.
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