LME Copper: Closed at 8849.50 (-0.14%)
SHFE Copper May Contract: Closed at 72070 (-0.10%)
MCX Copper: Closed at 759.05 (+0.18%)
Yesterday's Outlook:
Yesterday, LME and SHFE copper closed with minor declines in prices, while MCX copper closed with minimal gains. The copper rally after Chinese smelters' plans to cut was slightly overbought. Copper prices retreated to a two-week low as investors awaited further detail on plans by Chinese smelters to cut production. Also dampening enthusiasm among speculators was a strong seasonal build-up of copper inventory in China.
Today's Outlook:
Today, MCX copper has opened the day on a positive note, currently trading at 761.85 (+0.37%) compared to yesterday's close. On the upside, the two resistance levels are at 761-763.20, while on the downside, the support levels are at 755.50-752. If the upside trend continuous and the price croses above it's second resistance level the next price target or resistance could be at 766. Also, The Three-month copper on the London Metal Exchange (LME) is up by (+0.61%) trading at 8903.50. Whereas, the most active SHFE May Copper contract is up by (+0.067%) trading at 72550. As, China's top copper smelters today decided not to set a guide price for treatment and refining charges (TC/RCs) for copper concentrate processing in the second quarter of 2024, following supply shortages and a sharp drop in TCs in the spot market. The smelters also proposed cutting refined copper production by 5-10%, aiming to address supply shortages.
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