Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

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.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.