Copper Prices Eye Higher Ground Amid Dollar Weakness
Copper prices are expected to find support and trade higher due to a soft dollar, according to ICICI Direct. This comes as spot prices hit a five-year high over future contracts in the London copper market, driven by exchange inventories plunging towards critically low levels.
The squeeze in the London copper market has intensified, with LME stockpiles falling for a 42nd straight day on Friday, the longest run of declines since 2014. This reflects traders shipping metal to the US ahead of possible tariffs on refined copper.
Copper prices are expected to find support near Rs 1365 level and rise towards Rs 1390 level, with upside limited on weak demand from China. MCX Copper August is also expected to find support near this level and rise towards Rs 1395 level upon a move above Rs 1390.