Copper faced headwinds from global trade tensions.U.S. tariff threats, particularly on Chinese imports involving base metals, led to short-term volatility. In China, smelters agreed to zero treatment charges for copper concentrate, signaling oversupply and weak demand.
MCX Copper July contract has continued its downside momentum for another week, forming another bearish hammer candle on the weekly chart, indicating weakness in Copper price. It closed at 883.45. Price has failed to breakthrough the Symmetric triangle formation and remained within it, closing below the 20-DEMA level placed at 886.30.Daily SAR is placed at 904.90.Key supports are at 50 and 100-DEMA levels placed at 877.05 – 867.30.Looking at OI (Open Interest), there is a fall to 7260 lots, alongside recent price fall, indicating weakening bull strength.
RSI levels have slumped below 50 on the daily chart.We can observe a bearish crossover on MACD above the zero-line, alongside negative histograms, collectively suggesting bearish biasness in Copper price.
The Dollar Index inclined marginally last week by +0.91%, after holding support at 95.90, and settled on a positive note above 97, which is unfavorable for base metals like Copper.
We are expecting a Sideways-to-Bearish trend in Copper price. Traders may look forward to a Sell-on-rise strategy.
Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
---|---|---|---|---|
867.30 | 877.05 | 883.45 | 890 | 904.90 |
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Prediction given by Technical Research Team - Choice.
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