Copper Price Forecast for Next Week (8th - 12th April 2024)
MCX Copper future has traded back & forth during the past week, remained in a consolidation zone and managed to settle on a positive note at 760.65. On the other hand, CMX Copper future remained over $4, closed on a positive note for 2nd consecutive quarter.
In past week, Copper price has fallen to 754 level and managed to sustained over this level and rebounded on Thursday. However, Copper price remained under pressure by strong US Dollar and uncertain demand prospects in top metals consumer China, but were on course for a 4% gain over the month China's top copper smelters have proposed a production cut of 5% to 10% amid a tight supply of raw materials.
On Daily chart, Copper future has traded in Rising channel formation over the course of the week and trading over 20-DMA level placed near 750 level. This will be crucial support for Copper price. Immediate resistance would be at 768.75 and if price break through this hurdle, we may expect further upward momentum in upcoming sessions towards 775.
RSI levels is trailing around 60 level on Daily as well as Weekly chart which suggests Bullish biasness in Copper price. Traders may look forward for key levels for further price action in Copper.
