Weekly Outlook on Copper

Sachin Gupta Sachin Gupta

Last Updated: 1st July 2024 - 02:40 pm

Listen icon

Copper prices have continued to decline due to a stronger dollar and weak demand from China. Recently, copper prices fell by 0.77%, closing at 834.25. This decrease reflects concerns about global demand uncertainty and rising inventories.

 

Copper Price Prediction for Next Week

copper-chart

 

Market sentiment has been negatively affected by disappointing PMI reports, indicating a bleak outlook for manufacturing in major economies. Additionally, there are signs of slowing industrial demand in China. Despite expectations of a seasonal decrease, Chinese copper inventories remained high in June due to robust domestic production and increased smelting output from scrap.

 

In Shanghai Futures Exchange-monitored warehouses, inventory levels showed a slight decline last week but remained higher compared to earlier in the year. Meanwhile, London Metal Exchange (LME) approved warehouse stocks surged over 60.3% since mid-May, reaching 167,825 tons. This increase was mainly due to deliveries from Asian warehouses, primarily sourced from China. 

As per the technical setup and price action, the outlook for copper remains bearish unless there is a strong reversal signal. Traders should watch for a break below the 832 support level for further downside, while any rebound will likely face resistance around the 850-858 levels. Monitoring RSI and volume for signs of a potential reversal or continuation of the bearish trend is crucial. 

Important Levels of Copper Price:

  MCX COPPER (Rs.) COMEX COPPER ($)
Support 1 832 4.23
Support 2 820 4.14
Resistance 1 850 4.47
Resistance 2 858 4.55

 

FREE Trading & Demat Account
Open FREE Demat Account with endless opportunities.
  • Flat ₹20 Brokerage
  • Next-gen Trading
  • Advance Charting
  • Actionable Ideas
+91
''
 
By proceeding, you agree to our T&Cs*
Mobile No. belongs to
hero_form

Commodities Related Articles

Weekly Outlook on Gold

by Sachin Gupta 15th Jul 2024

Weekly Outlook on Gold - 24 May 2024

by Sachin Gupta 27th May 2024

Weekly Outlook on Copper - 17 May 2024

by Sachin Gupta 17th May 2024

How Long Gold Price Sustain to Shine in India!

by Tanushree Jaiswal 8th May 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Open Free Demat Account

Be a part of 5paisa community - The first listed discount broker of India.

+91

By proceeding, you agree to all T&C*

footer_form