Copper futures jump 0.92% to Rs 610.85 per kg, experts see further upside
In the futures market, copper for January delivery touched an intraday high of Rs 612.45 and a low of Rs 605.40 per kg on the MCX.
Mumbai / January 18, 2021 / 05:42 PM IST
Copper prices soared to Rs 610.85 per kg on January 18 as participants increased their long position as seen by the open interest. The base metal extended gain after a flat-to-positive open on a rebound in China’s GDP data.
Copper had declined Rs 17.2 or 2.76 percent last week on the MCX.
The Chinese economy grew by 6.5 percent in the last quarter against the previous 4.9 percent growth in the third quarter. China’s GDP grew by 2.3 percent in 2020.
Copper falls over 1% to Rs 608.50 per kg on strong dollar
In the futures market, copper for January delivery touched an intraday high of Rs 615 and a low of Rs 606.70 per kg on the MCX.
Mumbai / January 15, 2021 / 07:37 PM IST
Copper prices slid to Rs 608.50 per kg on January 15 as participants increased short position as seen by the open interest. The base metal extended decline after a gap down open on the firm dollar.
Base metals consolidated at highs after stimulus announcement and fall in LME and ShFE warehouse stocks. However, the upside was capped amid demand concerns from the biggest metals’ consumer, China, where the coronavirus outbreak has prompted the government to re-impose lockdowns.
Copper - Jan 15, 2021 - Reliance Securities
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Ms. Neha Qureshi, Technical Research Analyst at Reliance Securities
LME Copper is trading on flat note where above $8000 will continue its positive momentum up to $8135-$8199 levels. Support is at $7980-$7965 levels.
MCX Copper January holds a support at 607 levels which is also a 21-Daily Moving Average. Therefore indicating for positive momentum up to 612-615. Support is at 608-606 levels. Strategy for Copper January Buy 609-608.50 Stoploss 606 Target 614 Conditions apply
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