Copper under pressure

LME copper under pressure from a strengthening dollar, rising inventories and falling crude oil prices, new short positions may be taken with a downside target of $3,000/ton, worries about banking industry are also raising risk aversion, which is negative for commodities. While the EUR/USD may not break through the December lows, it's likely to slide in the short-term, keeping pressure on commodities.

LME 3-month copper at $3,315/ton, down $110.The 20- and 30-day moving averages are in the mid- to high-$3,100s, making them the next immediate support levels.


MCX Copper Daily Chart -



MCX Copper is trading on major support at 157 and if breaks can test next level of 144 & 138. Short term resistance can be seen at 169.55, if sustains above can show some bullishness till next major resistance at 174.80