LME Copper 3-month future has traded positively over the course of the week, surged by +1.98% in previous week and managed to settle at $9617 / tonne. Price has sustained over 20-DMA level placed at $9467 and immediate resistance would be at $9608.
Copper gained modestly last week, supported by China’s economic stimulus measures, including rate cuts, and a softer U.S. dollar. While easing U.S.-China trade tensions provide some optimism for base metals, the lack of a definitive agreement combined with the recent U.S. credit downgrade clouds the outlook. The IEA projects copper demand to surpass supply by 2035, driven by the accelerating clean energy transition. In the near term, stronger demand prospects and a weaker dollar should help support prices.
MCX Copper June contract has traded back & forth over the course of past week, closed on a positive note at 867, having surged by +1%. Price has continued to trade over key moving averages i.e. 50 and 200-DMA levels placed at 859.10 – 843.55 respectively. Weekly SAR (Stop & Reverse) is placed at 891.20, which is a key resistance level and breakout of this level will accelerate upward momentum in Copper price. Looking at OI, we can observe a rise in OI levels to 6190 lots in recent price consolidation which suggests a strength in Copper price. RSI levels remain over 50 on all key timeframes.
Outlook:
We are expecting Sideways-to-Bullish trend in Copper price in upcoming week and traders may look for Buy-on-dips opportunity in Copper price in upcoming week.
Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
---|---|---|---|---|
843.55 | 859 | 867 | 878.50 | 891.20 |
Gold Price Forecast for Next Week: Get the latest prediction for gold prices to guide better investment decisions.
Natural Gas Price Prediction for Next Week: Explore the anticipated price range for natural gas in the upcoming week.
Silver Price Prediction for Next Week: Stay informed with next week's forecast for silver prices to track market trends effectively.
Crude Oil Price Forecast for Next Week: Prepare for the upcoming week with valuable insights into crude oil price movements.
Also read about nifty prediction today, bank nifty prediction for tomorrow and Indian stock market prediction for next week, including range, support, and resistance levels.
Prediction given by Technical Research Team - Choice.