Motilal Oswal keeps positive stance on copper, sees upside at INR 930 per kg
This story was originally published at 20:07 IST on 6 March 2025
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MUMBAI – Maintaining its positive stance on copper, Motilal Oswal Financial Services has recommended that investors buy the red metal near the level of INR 882-INR 880 per kg for an upside target of INR 915-INR 930 per kg on the Multi Commodity Exchange of India, implying an upside of 4.0-5.7% from the current level. In a report titled 'Copper: Rally in Sight', the brokerage also raised its target price for the metal on the London Metal Exchange to $10,000-$10,150 per tonne.
"MCX Copper is in a positive trend, with bullish momentum expected to persist as prices recently broke out of a symmetrical triangle and a bull flag pattern, confirmed by a daily candle closing above the upper bound," it said. A minor pullback toward the breakout level could present a favourable buying opportunity.
The most active March copper contract on the MCX was at INR 885.7 per kg, up 0.7% from Wednesday's close. The three-month copper contract on the LME was up 0.6% at $9,638 per tonne from the previous close of $9,591.
A major factor supporting the price of copper is that the metal is a potential target for inclusion in US President Donald Trump's tariff list. Prices of the red metal rose after Trump outlined plans for reciprocal tariffs, though these were not set for immediate implementation.
China set its GDP growth target for 2025 at around 5% with assurances of initiatives to promote consumption and address any consequences from the intensifying trade war with the US. The brokerage said this was a positive for copper.
The premium for US COMEX copper futures over LME contracts hit a new high, nearing $1,000 a tonne, reflecting concerns over trade restrictions during the announcement of tariffs on steel and aluminium imports, the broking firm added. End
US$1 = INR 87.12
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Sandeep Sinha
Edited by Rajeev Pai
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