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Copper May Witness Bearish View Trading At $6650 Down By $8

ByCommodityOnline
Published 04/23/2014, 05:05 AM
Updated 05/14/2017, 06:45 AM


We held a bearish view on copper in the last trading session. Copper prices were seen trading down until the mid-European session however, after making an intraday low of $6605 prices reversed and ended the day at $6670. As stated in the aluminum report, copper also rose as we saw broad based buying in all the metals, supported by higher equities in the US and a lower dollar index. Existing home sales data rose for the month of March in the US and supported metals to trade on a positive note. Likewise at the MCX, copper prices for the April expiry ended the day on a positive note which closed near Rs 411. We could see excessive gains in domestic copper prices due to the rupee’s depreciation.

This morning at the LME, copper’s 3-month forward prices were seen trading at $6650, down by $8 from the previous close. No gains were seen in the market as the Chinese PMI numbers remained muted at 48.30. Therefore, we do not intend to buy the commodity for the day. However, there could be a good amount of price recovery as the other metals have been trading positive over the past few sessions as well as in today’s trading session too. Hence, a recovery is expected. Gains in the local market could be higher due to the rupee’s depreciation. We are not suggesting any trade recommendation on copper for the day.

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