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
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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