07-10-2023 12:00 PM | Source: Angel One Ltd
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
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Below is Weekly Basemetal Report by Mr. Saish Sandeep Sawant Dessai, Research Associate- Base Metals, Angel One Ltd
Base Metals Report
Base metals, including copper, faced downward pressure during the week due to a weak global economic growth outlook and sluggish demand from China.
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.
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.
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
