Weekly Basemetal Update : We expect copper to trade higher towards 727 levels, a break of which could prompt the price to move higher to 730 levels Says Mr. Saish Sandeep Sawant Dessai, Angel One
Below is Weekly Basemetal Report by Mr. Saish Sandeep Sawant Dessai, Research Associate- Base Metals, Angel One Ltd
Base Metals Report
Manufacturing data from the United States, Europe, and China indicated a decline in activity, dampening the demand outlook for base metals.
However, copper prices found some support from low inventories in global exchange warehouses. Analysts revised their copper price forecasts downward, citing slow activity normalization in China, tighter monetary policy, and a global manufacturing recession.
These challenges continue to cloud over the base metals pack, eventually dragging their prices lower.
OUTLOOK: We expect copper to trade higher towards 727 levels, a break of which could prompt the price to move higher to 730 levels.
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