Mumbai, 27 March (Commoditiescontrol):
LME Copper: Closed at 8862 (-0.12%)
SHFE Copper May Contract: Closed at 72140 (-0.40%)
MCX Copper: Closed at 757.70 (-0.37%)
Copper closed flat with minimal losses across all three exchanges as prices touched their lowest in almost two weeks on Tuesday amid anticipation of demand recovery in China, the top metals consumer. Speculators were observed liquidating bullish positions acquired during the copper rally.
LME Copper and SHFE Copper Inventories: Inventories in SHFE-registered warehouses saw only a slight decline last week despite the strongest seasonal surge since 2020. Weakness in copper during Asian trading was attributed to the easing of the yuan against the dollar. A decline in the yuan reduces purchasing power for investors using the currency to buy dollar-priced commodities.
Today's Technical Outlook - March 27
MCX Copper opened 0.23% lower from its yesterday's close, currently trading at 756.15, hovering above its first support level of 755.50 and below its pivot level of 758.40. Copper has eased after recent gains due to weak demand. If the initial support is breached, the next support is placed at 753.30. The two resistance levels are 760.60-763.50.
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