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      Base Metals Preview: Copper major beneficiary of supply threats

      MoM Team / Mumbai, May 16, 2017 06:18 AM IST

        Base Metals Preview: Copper major beneficiary of supply threats

        The prices of Copper have witnessed a sharp uptick in the month ending April 2017. The metal started soaring in the last week of March 2017 and remained gaining ground till middle of May 2017.

        The speculators who till that moment were on sideline picked Dr. Copper and shooted it to seven months' highs in Indian and London exchanges.

        On LME, the metal is resisted at $ 6000 and 6150 per tonne as per weekly monthly charts. Moving past these levels will mean that Copper will move towards $ 6800 per tonne.

        Looking at things from a different angle, China is in mood to create a accommodative monetary policy which is expected to affect the performance of metal. However, profit booking is expected to chip in Copper and can be as swift as has been the rally due to the fact that the prices are already galloping higher.

        Anxiety relating to Tax reforms by the US government grabbed the news while Copper also remained focused on the developments in world largest consumer China.

        Stoppage in work in Freeport McMoRan and anxiety of slow supply resulted in speculators maintaining their medium term positions in longs. Though the prices of metals have see the corner during April the flow of rise was vigorous to cater any significant declines in between trading sessions.


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      Source: Capital Market


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