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The momentum indicator Relative Strength Index (RSI) is at 31.14, which indicates a bearish movement in prices.
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The non-ferrous metal has been trading higher than 50, 100 and 200 days' moving averages but lower than the 5 and 20 days’ moving average on the daily chart.
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MCX Copper has given a negative breakout from the rising trend line channel, price is expected to trade negatively, said Axis Securities.
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The momentum indicator Relative Strength Index (RSI) is at 57.18, which indicates a mildly bullish movement in prices.
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Revival in global economies amid stalled industrial activities in the virus struck nations boosted the demand for Chinese products in the overseas markets.
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Purohit believes that the demand for the copper is coming down and supply are coming strongly and China’s efforts to curb raw material prices.
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MCX Copper has been trading with negative bias and price breached major support of Rs 753 - Rs 749 levels and are trading below them.
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LME supplies for copper are in marginal surplus for the day which may support the bearish move.
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LME supplies for copper are in deficit for the day which may strengthen the bull run.
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The only question for investors is whether China will introduce measures to curb higher prices.
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Copper prices fell on Friday, with the London contract set for its first weekly decline in more than a month, on worries of tightening credit that could potentially cap demand for the metal.
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Copper future has formed a cup and handle chart pattern on the daily chart and the price has remained in quite bullish suggestion for the coming week.
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A steady decline in the Copper inventories in the LME monitored warehouse further signalled towards a tighter market which further strengthened the prices.
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The reopening of economies and speculative buying was the trigger for the move higher.
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Copper prices continued upside despite a boost in output from major mine and a rise in Shanghai inventories.
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Sentiment is likely to be positive in base metals, copper & nickel in particular due to rising Chinese demand, weaker US dollar and continued stimulus support.
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Copper prices traded higher, underpinned by spending on green infrastructure and a weaker dollar.
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Domestically, MCX Copper May is trading at an all-time high 736.80 level indicating a strong bullish momentum where prices have shifted to a new range zone as prices are in uncharted territory.
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The non-ferrous metal has been trading higher than 5, 20, 50, 100 and 200 days' moving averages on the daily chart. The momentum indicator Relative Strength Index is at 68.57 which indicates bullish movement in prices.
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The market sentiment has been hit by concerns over rising coronavirus cases which threaten to derail the nascent pace of global economic recovery.
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"For next week, the outlook is positive but we recommend to go long on dip on MCX. The price of Rs 700- Rs 699 will act as support for the April contract and on the flip side, it can go up to Rs 720- Rs 730," said Jigar Trivedi, Research Analyst- Commodities Fundamental at Anand Rathi Shares & Stock Brokers.
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MCX Copper April has given a breakout of its range-bound movement where it is moving towards its all-time high level of Rs 737 level indicating a strong uptrend in the counter.
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Supply worries arising from major Copper producing nations amid a weaker US Dollar has painted a favourable picture for the red metal prices.
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The non-ferrous metal has been trading higher than 20, 50, 100 and 200 days' moving averages but lower than the 5-day moving average on the daily chart. The Relative Strength Index (RSI) is at 55.07 which indicates bullish momentum in prices.
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The non-ferrous metal has been trading higher than 5, 20, 50, 100 and 200 days' moving averages on the daily chart. The Relative Strength Index (RSI) is at 60.01 which indicates positive momentum in prices.
