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Copper Closed At $6561, Up By $51 From Its Previous Close

ByCommodityOnline
Published 03/28/2014, 06:59 AM
Updated 05/14/2017, 06:45 AM



As expected on Thursday, copper may make an odd stand out and remain bullish among the peers. The same was noticed and copper closed at $6561, up by $51 from its previous close. Likewise, at the MCX platform, the April futures ended the day at Rs 401.25, up by Rs 4 from its previous close. From the inventory front, stocks declined to 268550 while it was at 269750 yesterday, which might have supported the metal to trade higher. This morning, copper at the LME is seen trading at $6590+, up by $25 from its previous and SHFE copper May futures are trading at Yuan 46340, up by 0.56%. We believe that the Asian markets trading higher could be one of the reasons for the metal to trade higher.

This has been the second consecutive week that copper is trading higher on concerns that supplies from global mines will trail forecasts and amid speculation that demand may increase in China. As the day progresses, we have loads of data coming in from Asia, Europe and the US. During the European session, we may have to critically look at the inflation number and based on the euro, copper may change its direction, which may have an impact on the metals.

Likewise, we have key data from the US which may show a slightly positive impact on the prices. Looking at the above analysis, we believe that copper may remain higher today at the LME however; the view might be slightly different at the MCX platform as the rupee is trading up by 0.47%, which may restrict the gains. Hence, we suggest a very narrow ranged buy call on copper for the day.

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