MCX Copper Tips Today: All Target Hit 754 To 761.90 | Neal Bhai Reports, Dabbe Wale Ko Loot Lo.
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Copper prices traded on a positive note and edged higher to Rs 759.30 per kg in thin trade as the Chinese market and LME are closed due to holiday. The base metal surged 2 percent last week on the domestic bourse.
The non-ferrous metal has been trading higher than 5, 20, 50, 100 and 200 days’ moving averages on the daily chart for the May series. The momentum indicator Relative Strength Index (RSI) is at 73.35, which indicates bullish movement in prices.
Copper drifted lower, hovering below the $10,000 level it briefly broke in the earlier session as the dollar strengthened and some speculators locked in profits. “We expect risk assets and commodity currencies to do well in the coming weeks and this should provide LME base metal prices with additional support to venture higher,” said Motilal Oswal.
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Tapan Patel- Senior Analyst (Commodities), HDFC Securities said, “Base metals prices traded higher and most of the metals gained in the morning trade on Monday. Base metals traded positive over a stronger economic outlook with positive US data. The ease in lockdown measures in Europe also lifted demand prospectus. Base metals complex got support from another US stimulus package.”
Copper prices continued upside despite a boost in output from major mine and a rise in Shanghai inventories. The surge in Copper prices has impacted consumption in China with idle units and delayed deliveries.