Copper prices this could be an opportunity to buy the dip. They see potential for copper prices pulling back in the next coming weeks for the following reasons:
- China has been tightening regulations in its property sector, which consumes a vast amount of metals, to ward off bubbles
Copper prices edged higher on Monday as investors were relieved that China, the world’s biggest metals consumer, might not be tightening credit as much as expected.
Commodities witnessed an interesting end to a decade in 2020, which was for the most part unfriendly for the resourcessector. Investors brace for a new commodity supercycle in 2021 as globaleconomic recovery and reflation trades are set to play out strong. Industrial metals such as copper and silver are likely to outshine gold and crude oil prices.
MCX Copper futures on Tuesday slipped Rs 3.30 to Rs 591.25 per kg as participants cut down their positions amid muted demand in domestic market.
Copper, the traditional, age-old remedy for good health has also remained a significantly important economic health indicator. Rising copper prices, helped by strong order flows, indicate that the global economy is recovering fast.
Copper MCX Price Target 408—413 – Any Big Panic Buy And Sleep – Neal Bhai
Shanghai copper prices rose to a near four-week high on Monday as supply worries rose following a fall in inventories and suspension of operations in major producer nations.