Copper price hits the all-time highs in growing demand, makes a cup and holds a chart pattern

The copper price has been resolved to a whole new level in LME, COMEX and MCX supporting industry speculators and consumers in the wake of healthy economic data as the global economy recovers from the epidemic.

The red metal finished the week with an increase of $ 31.3 or 4.14 percent in the fourth straight week. Copper prices have dropped by three-fifths of all trades in the MCX.
Delivery of copper in May increased by Rs 15.50, or 2.01 percent, closing Rs 786.15 per kg with a business profit of 4,749 lots. The same for the June contract improved by Rs 15.15, or 1.96 percent to Rs 788.45 per kg per volume of 427 lots.

The total number of May and June contracts sold on Friday was Rs 4,398.66 crore and Rs 122.19 crore, respectively.

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Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited said, “UMCX Copper has sold at a high level this week. The future of his bronze cup is also holding a chart pattern on the daily chart and the price is sitting on the best proposal for next week. ”
The US dollar index fell below 90.20, falling 0.81 percent compared to a basket of six rival currencies. The dollar index ended at a loss of 1.15 percent during the week.

The global copper market is expected to see a surplus of 79,000 tons this year and 109,000 tons by 2022, says the International Copper Study Group (ICSG).

However, many other market participants saw another underutilized copper market this year contradicting the ICSG report, we have been proving that prices have continued to decline for the past few weeks.

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China’s imports of copper and unwanted products on April ’21 stood at 484,890 tons, down from 552,317 tons reported on March 21. The arrival of copper in the world’s largest iron ore drives has plunged more than 12 percent following a sharp rise in the price of red ore and a slight increase in their industrial sector.

The price of non-ferrous metals was resolved with a profit of 2.96 per cent at $ 10,410 per ton in London.


Sriram Iyer, Senior Research Researcher at Reliance Securities said, “Technically, LME Copper has reached a high of 52wks at the $ 10,368.75 level where prices have shifted to a new wide range showing a strong trend of up to $ 10,440- $ 10,600 levels while support is $ 10,200- $ 9,980 rates. ”

At home, MCX Copper May has reached the all-time high of Rs 783.80 with its trading in the excluded area as prices have shifted to a new wide range. Resistance is Rs 792-800 levels and support is Rs 771-758 levels.

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Iyer added, “Prices may continue to rise, however, some take-offs cannot be ruled out because prices are too expensive. In the short term, there are no significant issues facing the markets.

“In the medium and long term, the only major risk the market may face in a few weeks would be the withdrawal of a simple monetary policy from China,” he noted.


“Next week, traders should look at Buy on dips’ strategy in the future of the MCX Copper where our view is that the appropriate range to enter the shopping area should be at the psychological level of Rs 730, keep a stop loss at Rs 725 and set a target of Rs 741.50,” Purohit said.
Reliance Securities advises its clients to buy the future of May with copper near Rs 780 with a stop loss of Rs 776 and a target of Rs 790.

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