Mcx Base Metals Technical report 07 November

COPPERBase Metals

LME base metals pack traded on a negative note yesterday on the back of mixed economic data from the Euro Zone. Further, expectations of decline in US GDP data acted as a negative factor.

However, sharp downside in prices was restricted due to rise in industrial and manufacturing data from UK coupled with weaker DX. Further, decline in LME inventories and upbeat market sentiments also prevented sharp fall in prices of the base metals.

In the Indian markets, base metals traded on a mixed note due to Rupee depreciation.


LME Copper prices declined around 0.6 percent due to expectations of decline in US GDP data which can affect the demand for the commodity. Further, mixed data from Euro Zone acted as a negative factor.

However, marginal decline in LME copper inventories, weakness in the DX along with favorable economic data from UK cushioned sharp downside in prices. The red metal touched an intra-day low of $7093/tonne and closed at $7122/tonne on Wednesday.

The near month MCX Copper contract fell around 0.3 percent yesterday and closed at Rs.448.5/kg after touching an intra-day low of Rs.447/kg in yesterday’s trade. Rupee depreciation restricted sharp downside in prices on the MCX.


Third-quarter US GDP data is expected to show slower growth at 2 percent as compared with 2.5 percent in the second-quarter of this year. Taking cues from this, we expect sentiments in the base metals category to take a hit.

Base metals are expected to trade lower today but sharp losses in the Indian markets will be cushioned on account of a weaker Rupee.

Technical Outlook valid for November 7, 2013





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Updated: November 15, 2013 — 1:39 am

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