09-04-2023 11:40 AM | Source: Angel One Ltd
Quote on Copper : The strong U.S. dollar applied pressure on copper prices, echoing Federal Reserve Chair Powell's stance on inflation and ratessays Mr. Saish Sandeep Sawant Dessai, Angel One
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Below the "Quote - Copper" by Mr. Saish Sandeep Sawant Dessai, Research Associate- Base Metals, Angel One Ltd
Base Metals Report
Building onto the gains from the past week, the base metals pack pulled yet another week where it ended on a high note, with LME Lead and LME Aluminium being the top gainers.
LME copper also saw a significant uptick, on the back of Beijing's stock market measures that were aimed at stimulating markets in the midst of a prolonged post-pandemic recovery.
China's move to reduce stock trading stamp duty aimed to boost markets but had a varied impact.
The strong U.S. dollar applied pressure on copper prices, echoing Federal Reserve Chair Powell's stance on inflation and rates.
However, concerns about potential U.S. rate hikes limited these gains.
LME copper also saw a significant uptick, on the back of Beijing's stock market measures that were aimed at stimulating markets in the midst of a prolonged post-pandemic recovery.
China's move to reduce stock trading stamp duty aimed to boost markets but had a varied impact.
The strong U.S. dollar applied pressure on copper prices, echoing Federal Reserve Chair Powell's stance on inflation and rates.
However, concerns about potential U.S. rate hikes limited these gains.
OUTLOOK: We expect copper to trade higher towards 743 levels, a break of which could prompt the price to move lower to 745 levels.
Above views are of the author and not of the website kindly read disclaimer
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Commodity Quote on Base Metals (Copper) by Mr. Saish Sandeep Sawant Dessai, Angel One Ltd
