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LME COPPER: TECHNICAL OUTLOOK 08 JANUARY-2015
LME COPPER WEEKLY CHART

CHART/DATA SOURCE reuters

2014 wasnt a good year for copper. The metal touched a four-and-a-half-year low of $6,091 in this
week. A number of supply and demand factors have affected copper prices over the years. In last year,
US dollar strengthens and slow economic growth in largest consumer China and Euro zone affected
the price. The euro fell to a nine-year low against the dollar as bets mounted on a further decline for
the currency and its diminishing status as a reserve currency. Overall picture is still dull,
fundamentally as well as technically.
Any stimulus from China or Euro zone may lift price upper side but we dont expect price will
sustained at higher level. LME copper is expected to trade in the range of $5,600 - $6,700 in this year.
Beyond this range it may find support at $5,200 and it may face resistance at $7,000.
LME copper may fall up to $5,600 level if it breaks important psychological level $6,000 while MCX
Copper price may possibly head lower towards Rs.360/kg in 2015 year.
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