Mumbai, 30 April (CommoditiesControl): Copper prices on the London Metal Exchange (LME) slipped today after hitting a fresh two-year high, marking a downturn amid slower manufacturing activity growth in China. Despite this, copper is on track for its largest monthly jump in over three years, driven by worries about tight supply.
Benchmark copper on the LME fell 0.4% to $10,093 per metric ton, following a peak of $10,208 earlier in the day. The metal is set for a 14% gain this month, its most significant increase since February 2021. Concerns persist about demand in China and signs of potential market tightness.
While the Shanghai Futures Exchange is closed for China's Labour Day holiday, analysts remain cautious about potential volatility, particularly due to the lack of liquidity during this period.
Inventories in LME-registered warehouses are at 116,125 tons lowest in over three weeks, providing some support to copper prices. Traders are eyeing support and resistance levels for potential trading opportunities amid these market dynamics.
MCX copper prices are down by 0.52%, trading at 869.40, facing technical pressure as the metal hovers above the 21-EMA in the hourly timeframe. If it closes below this level, the next target is 864, followed by 854.50. On the upside, resistance levels are at 880 and 886.20.
Meanwhile, MCX aluminium is also down by 0.69%, trading at 236.10, below its 21-EMA in the hourly chart. The next potential target for aluminium is 234.75, with further support at 231.80. Resistance levels are identified at 239.50 and 241.30.
(By Commoditiescontrol Bureau; +91-9820130172)
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