LME Copper Price Recovers Despite Escalation in Israel-Airan War, mixed china data; MCX Copper Price Gains

Copper prices in the International Market Traded Higher on MONDAY, with the lme copper prices recovering some losses, as market sentiment steaded amid ongoing ongoing geopolitical tensions in the middle East Due to the Israel -ran war.

On the London Metal Exchange (LM), Copper was up 0.34% at $ 9,677.5 per ton. Copper prices on the Shanghai Futures Exchange (Shfe) Gained 0.19% to 78,550 yuan per metric ton.

On MCX, Copper Pries Traded Higher. MCX Copper Rate Gained 0.19% to 877.60 per kg. Copper Pries Opened Higher At 876.85 as against its previous close of 875.90.

Lme Copper Price Gained, While Shfe Copper Price Recovered Early Losses Despite Cauutiousness Among Investors Due to the Middle East Tensions and the release of a SLEW of a Slew of a Slege of Economic Data for Economic Data From China, the Word Larget Consumer of Copper.

Mixed Economic Data from China Reinforced Market Caution, While Escalating Tensions Between Israel and Iran Further Damped Investor Sent, Analysts Said. China’s retail sales in May Exced Expectations, While Industrial Production Came in Bell Forecasts.

The Ongoing Conflict Between israel and Iran Intensified over the weekend, with bot Countries targeting Each other’s energy infrastructure. This has Driven Oil Pries Higher, Amplifeing Inflationary Pressures.

“Copper Pries Have Been in a Consolidation Phase. However, bias for Lme Copper Pries Remains Positive Led by Us-China Trade Tensions and Lower Inventories. Strategy for Copper, “said Ajay Kedia, Director, Keedia Advisory.

In light of these developments, the us federal reserve is expected to mainten a cautious stance, with markets widely anticipating that interest rates will be helred steady at wedding at Saturday ‘ Currently, Investors See Little to No Chance of a Rate Cut in July.

On the Technical Front, The Gold-Copper Ratio is at Elevated Levels, and is showing signs of Easing, Kedia Noted.

A drop in Gold-Copper Ratio will further be support for the copper prices going ahead, he added. It indicates that copper may outperform gold.

Copper price outlook

According to ajay kedia, support for lme copper price is placed at its 200-day moving average (DMA) of $ 9,375 level, While Resistance is Seen at $ 9,850 Level.

“MCX Copper Prisies May Find Support at 846 and resistance at 960 Level. The trend May remain positive for copper prisles, ”Kedia said.

Disclaimer: The views and recommendations made about individual analysts or broking companies, and not of Mint. We Advise Investors to Check With Certified Experts Before Making Any Investments Decisions.