Copper prices CMCU3 have extended their sharp recovery last week from the March lockdown lows of $4,371 to $7,973.5 a tonne, the highest since February 2013, buoyed by China’s solid demand and hefty investments by speculators amid monetary policy easing. views the current prices do not reflect fundamentals and the rally has been overdone.
Buy Copper MCX Tips Apr at 404.50 — 404 Target 406—408
🌟🌟🌟🌟🌟 China cut its benchmark one-year loan prime rate (LPR) by 20 basis points (bps) to 3.85%, while the five-year LPR was cut by 10 bps to 4.65%, in line with market expectations.
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.
Base Metal Tips – Copper Prices: Net longs in the industrial metal grew slightly as funds marginally cut back on their short positions by 1%. However, copper could be starting to top out as investors refrain from taking up fresh longs.
BASE METAL TIPS – MCX Copper settled down 0.11% at 440.85 as China’s factory activity is expected to have contracted for a fifth straight month in September. Pressure also seen after the release of a whistleblower complaint against U.S. President Donald Trump added to uncertainties about the global economy, already reeling from the China-U.S. trade war.
MCX Copper Tips – MCX Copper settled down 0.93% at 443.4 as the market awaited news from the US-China trade talks. The steady economic growth pace in the United States was also underscored by other data showing home resales rising in August to a 17-month high.