Mumbai, 26 April (CommoditiesControl): Copper prices edged closer to the formidable resistance level of $10,000 per metric ton on Friday, supported by investment flows from funds. Three-month copper on the London Metal Exchange (LME) rose 1.29% to $9,992 per ton, while the most-traded June copper contract on the Shanghai Futures Exchange climbed 1.5% to 80,500 yuan ($11,108.96) a ton.
The positive momentum extended to other base metals as well, with LME aluminium, nickel, zinc, lead, and tin all posting gains. SHFE aluminium, nickel, zinc, lead, and tin also saw upward movements, reflecting the broader market sentiment.
Despite the surge in copper prices, LME aluminium is poised to reverse a six-week winning streak, down 3.9% on a weekly basis. Similarly, LME tin is on track for the biggest weekly fall since September 2023, down 7.4% week-on-week.
In the Indian market, MCX copper followed the global trend, registering a 0.80% increase and trading at 859.65. Analysts suggest that the next initial target for MCX copper could be 865 followed by 885, further highlighting the bullish sentiment in the market.
Overall, copper's ascent towards the $10,000 mark underscores the growing investor confidence in base metals, driven by investment inflows and positive market sentiment.
(By Commoditiescontrol Bureau; +91-9820130172)
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