MCX Copper 5 Years of Historical Chart
MCX Copper peaked out during 28th Aug 2013 made a high around Rs513.05/Kg since then MCX Copper is in long term downtrend and currently trading around Rs313.6/kg. It is believed that struggling Chinese economy is the reason for the bear market in copper prices. To be noted China is the largest copper consumer (roughly 40 per cent of global copper consumption).
[wp_ad_camp_5]Outlook
In the last 8 months if we ignore the extreme downside prices you could notice that mcx copper futures prices are swinging between the broad range Rs300-345/Kg. Currently the copper sentiment turns positive on the shorter timeframe and expected to build momentum in the very short run that once again keeps the copper prices in line with the broad swing range. Long term supports are built around Rs300/Kg and expected to hold in the short term as well.
MCX Copper EOD Charts
COT data from International copper market suggests that Producers/Users are holding extreme net longs and the institutional players(CTAs (commodity trading advisors), CPOs (commodity pool operators), and hedge funds) are holding extreme net shorts in Copper as on 27th May 2016.
