07-03-2023 10:58 AM | Source: Angel One Ltd
Weekly Base Metal Outlook : Copper prices came under pressure as headwinds Says Mr. Saish Sandeep Sawant Dessai, Angel One
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Base Metals Report
After a notably weaker end to the base metals pack in the previous week, the metals showed some promise in the subsequent week, as it ended on a higher note, except for Copper.
Copper prices came under pressure as headwinds, such as firm dollar and concerns over global economic growth kept the prices in check.
However, prices did find some support from the decline in LME copper stocks and disruptions in Chilean mining operations.
The upcoming official PMIs from China are expected to provide crucial insights into the demand outlook from the world's largest consumer of metals.
Investor skepticism regarding China's economic stimulus and anticipation of rising interest rates added further downward pressure.
Copper prices came under pressure as headwinds, such as firm dollar and concerns over global economic growth kept the prices in check.
However, prices did find some support from the decline in LME copper stocks and disruptions in Chilean mining operations.
The upcoming official PMIs from China are expected to provide crucial insights into the demand outlook from the world's largest consumer of metals.
Investor skepticism regarding China's economic stimulus and anticipation of rising interest rates added further downward pressure.
OUTLOOK: We expect copper to trade higher towards 721 levels, a break of which could prompt the price to move higher to 724 levels.
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