Copper Prices Poised for Rise Amid Easing Geopolitical Concerns and Weak Dollar
Market analysts at ICICI Direct are predicting a rise in copper prices due to easing geopolitical concerns and a weak US dollar. The MCX Copper August contract is expected to reach Rs 1380 as long as it trades above Rs 1350.
The analysts point to several factors contributing to the potential price increase, including Codelco's temporary halt of work on its Andes Norte project at El Teniente and a significant rise in copper imports into the US. Additionally, falling global stocks in the LME and SHFE are expected to support copper prices.
The analysts also note that a break above Rs 1380 would lead to a further increase towards Rs 1390. However, they caution that investors should keep an eye on the market's trajectory and be prepared for any potential downturns.