Copper Prices Poised for Rally on Weakening Dollar and Easing Middle East Tensions

Copper prices are expected to rise due to weakening dollar and easing geo-political concerns in the Middle East. According to ICICI Direct, MCX Copper August is predicted to reach Rs 1380 level as long as it trades above Rs 1350 level.

The outlook for copper prices is also supported by Codelco's temporary halt of work on its Andes Norte project at El Teniente, one of three major expansions designed to extend the mine's life. Additionally, more than 200,000 tons of copper arrived at US ports in July, the largest monthly volume in IHS Markit shipping data dating back to 2014.

In other metals, MCX Gold October is expected to rise towards Rs 146,000 as long as it holds above Rs 142,500 level. Meanwhile, MCX Crude oil August is predicted to face resistance near Rs 7600 and dip towards Rs 7000 level due to growing hopes of a US-Iran deal.