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Copper update By Mr. Yash Sawant, Angel Broking Ltd.
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Below are Quote On Copper update update By Mr. Yash Sawant, Research Associate, Angel Broking Ltd.
Copper Breaks record level
Copper continues to breach record high levels across exchanges as prospects of surge in demand amid potential supply worries underpinned the prices. Copper on the MCX surpassed the Rs.800 levels whilst prices on the LME continued to hover near its all time high. ($10,638)
Bullish sentiments around copper continued to strengthen after the record-breaking rally last week as bets on the green revolution amid the booming Electric Vehicle segment is expected to increase the usage of Copper.
However, China limiting their debt levels and planning to cap the rising commodity prices to avoid potential inflation might keep the markets cautious.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
