Latest news with #MCXCopper
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Business Standard
a day ago
- Business
- Business Standard
Motilal Oswal recommends 'buy' on MCX Copper, set target at ₹915
According to Pathfinder - Copper Resurgence report from Motilal Oswal Wealth Management, MCX Copper has given a breakout above the descending trend line on the daily chart (of 18th June), confirming the resumption of the prevailing bullish trend. Price action continues to display a classic bullish structure, marked by a sequence of higher highs and higher lows. Additionally, the 14-period RSI on the daily chart is holding above the 60 level, suggesting a strengthening bullish momentum. Therefore, Motilal Oswal Wealth Management recommends buying in the range of ₹882 – ₹880, with a stop-loss below ₹855 on a closing basis and upside targets of ₹915. On the daily chart (of 18th June), LME Copper has been exhibiting a higher high and higher low price formation since May 2025, indicating a well-established bullish trend. 14 - Period RSI is also poised to move upwards and it's holding well above the midpoint mark of 50 signalling market strength. Motilal Oswal Wealth Management recommends buying LME Copper in the current range of $9,725 – $9,715 with a stop loss below $9,420 level on a sustainable basis and with upside targets at $10,080 levels. Track LIVE Stock Market Updates Navneet Damani, Group Senior VP, Head Commodities Research, Motilal Oswal Wealth Management, said 'Copper prices have been hovering in a broad range between $8900-9800 amidst mixed economic scenario and renewed optimism surrounding easing US-China trade tensions and low LME inventories. Inventory drawdowns and mine disruptions continue to support prices, while weakening Chinese imports and declining premiums may question demand strength. After the tariffs were doubled on steel and aluminium imports into the US to 50 per cent, market participants speculate copper tariffs to be announced soon. The Dollar Index has been continuously weakening, supporting base metal prices on the lower end. President Trump hinted at imposing new unilateral tariffs on trading partners within two weeks, which may be volatile for prices. Prices are expected to see an upside of 4-5 per cent supported by positive catalysts and technical conviction.' ===================================
Mint
2 days ago
- Business
- Mint
LME copper price today: London copper falls on stronger dollar, Israel-Iran war in focus; MCX copper price trades lower
Copper prices in the international market continues to trade in red on Thursday amid ongoing tensions between Israel and Iran, weakening investors confidence. On the London Metal Exchange (LME), copper price was down 0.56% at $9,601.5 per metric ton. However, copper prices on the Shanghai Futures Exchange (SHFE) declined up 0.39% to 78,310 yuan per metric ton. Back home, the red metal on multi-commodity exchange (MCX) also traded flat. MCX Copper price was down 0.32 per cent to ₹ 877.05 per kg, as compared to previous close of ₹ 879.90 per kg. The dollar strengthened, supported by increased safe-haven demand amid rising concerns over a wider conflict in the Middle East and potential U.S. involvement. According to analysts, LME copper inventories have also halved this year, reflecting both robust Chinese demand and supply disruptions across major mining regions influencing major drawdowns. Copper supply remained constrained, with inventories in LME-registered warehouses falling to 107,350 tons—a 60% decline since March—marking their lowest level since May 2024, as per reports. Investors remained focused on escalating Middle East tensions, as U.S. President Donald Trump continued to keep markets uncertain about whether Washington would back Israel's attacks on Iranian nuclear facilities, with the conflict now in its seventh day. According to Motilal Oswal report, MCX Copper has given a breakout above the descending trend line on daily chart, confirming resumption of the prevailing bullish trend. ' Price action continues to display a classic bullish structure, marked by a sequence of higher highs and higher lows. Additionally, 14-period RSI on the daily chart is holding above the 60 level, suggesting strengthening bullish momentum," the brokerage firm said in a note. The firm further recommended investors to buy in the range of ₹ 882 – ₹ 880, with a stop-loss below ₹ 855 on a closing basis and upside targets at ₹ 915. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
