OMAHA, Neb. — Warren Buffett, the legendary investor who stepped down as Berkshire Hathaway CEO at the end of 2025, continues to influence the financial world from his role as chairman, issuing measured warnings about market valuations while the conglomerate he built sits on a massive cash reserve exceeding $370 billion.
Warren Buffett
In recent remarks and through Berkshire’s latest moves, the 95-year-old “Oracle of Omaha” has signaled caution amid elevated stock prices, echoing his long-held philosophy of being fearful when others are greedy. Berkshire Hathaway reported a record cash and Treasury bill position in early 2026, with figures hovering around $373 billion, as the company under new CEO Greg Abel trims equity holdings and seeks opportunities at reasonable prices.
Buffett appeared in a March 31 interview with CNBC’s Becky Quick, where he confirmed he still visits the office daily and contributes to investment decisions. “I go in every day to the office,” he said, adding that he recently made a “tiny” new purchase for Berkshire without disclosing details. He emphasized that while he is no longer CEO, his involvement in capital allocation remains active, though scaled back.
The transition to Greg Abel as CEO has been smooth, according to Abel’s first shareholder letter released in late February alongside fourth-quarter 2025 earnings. Abel, 63, praised Buffett as “arguably the greatest investor of all time” and vowed to preserve Berkshire’s distinctive culture of disciplined, long-term investing. “Warren is obviously a very hard act to follow,” Abel wrote, while assuring shareholders that core values and the “fortress-like” balance sheet would remain unchanged.
Berkshire’s portfolio, valued at approximately $273 billion to $274 billion in equities as of early 2026 filings, reflects continued trimming of major stakes, particularly Apple, which remains the largest holding despite reductions. Other top positions include Bank of America, American Express, Coca-Cola and Chevron. The company has been a net seller of stocks for multiple consecutive quarters, a streak that some analysts interpret as a quiet warning about overvaluation in parts of the market.
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Abel has overseen selective deployments, including Berkshire’s first notable overseas equity move of the year: a roughly $1.8 billion investment in Tokyo Marine Holdings, Japan’s largest property and casualty insurer, paired with a 10-year strategic alliance. The conglomerate also resumed share buybacks after a hiatus, signaling confidence in its own valuation at current levels.
Buffett’s influence lingers in these decisions. He has long advocated patience and a margin of safety, famously advising investors to “be fearful when others are greedy and greedy when others are fearful.” Recent commentary from Buffett and observers highlights concerns over high valuations, with the Shiller CAPE ratio and Buffett Indicator cited as elevated. Some market watchers link the cash hoard to potential caution ahead of economic uncertainties in 2026.
Despite the net selling, Berkshire’s operating businesses — spanning insurance, railroads, utilities and consumer brands — continue to generate strong cash flow. The company’s insurance operations, led by subsidiaries like GEICO, provide a steady float that Abel and Buffett have used effectively for decades.
The 2026 annual shareholder meeting, scheduled for May 2 in Omaha, will feature Abel in two Q&A sessions, with Buffett expected to participate as chairman. Investors anticipate updates on capital allocation, the insurance market and any new acquisitions. Past meetings under Buffett drew tens of thousands of attendees, turning the event into a pilgrimage for value investors worldwide.
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Buffett’s personal fortune and investment philosophy remain topics of fascination. His approach emphasizes buying wonderful companies at fair prices and holding them for the long term, allowing compounding to work its magic. In his earlier letters, he often stressed “lethargy bordering on sloth” as an intelligent investment style — a principle that appears to guide Berkshire’s current restraint in deploying its massive war chest.
Recent portfolio activity shows modest additions in areas like energy and media, with reports of increased stakes in names such as the New York Times and Chevron. However, the overall picture is one of selectivity rather than aggressive buying. Berkshire’s 13F filings for late 2025 and early 2026 confirm a low turnover rate, consistent with its buy-and-hold ethos.
Analysts note that while Buffett is no longer at the helm of day-to-day operations, his presence as chairman ensures continuity. Abel has consulted Buffett on key decisions, including the evaluation of Berkshire’s own stock for buybacks. This collaborative dynamic reassures investors worried about a post-Buffett era.
Market reactions to Berkshire’s moves have been mixed. Shares of BRK.B have performed solidly but trailed the broader S&P 500 in some periods, prompting questions about whether the market fully prices in the leadership change. Some investors express confidence in Abel’s track record running Berkshire’s non-insurance businesses, while others miss Buffett’s folksy wisdom in annual letters.
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Buffett has also touched on broader economic themes in recent appearances. In one discussion, he downplayed short-term market swings while noting lingering fragility in parts of the banking system. His tone remains optimistic about America’s long-term prospects, a consistent message throughout his career.
For individual investors, Buffett’s playbook in 2026 centers on three ideas: maintain a long-term horizon, focus on quality businesses with durable competitive advantages, and avoid overpaying. He has repeatedly recommended a simple portfolio of low-cost S&P 500 index funds for most people, paired with Treasury bills for ballast — advice he has included in his will for his wife’s trust.
As 2026 unfolds, Berkshire’s enormous cash position gives it firepower for major deals when opportunities arise. Historically, the company has pounced during periods of market stress, acquiring assets at discounted prices. Whether such conditions materialize remains uncertain, but the dry powder is ready.
Buffett’s legacy extends beyond numbers. He transformed Berkshire from a struggling textile mill into a $1 trillion-plus conglomerate through savvy acquisitions and insurance float. His partnership with the late Charlie Munger emphasized rational thinking, ethics and lifelong learning — principles Abel has pledged to uphold.
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Supporters point to Berkshire’s resilience through multiple market cycles as proof of the model’s enduring strength. Critics sometimes argue the cash pile represents missed opportunities in a bull market, but Buffett’s track record of outperforming over decades quiets most doubters.
Looking ahead, all eyes remain on the May shareholder meeting and any fresh insights from Buffett or Abel. In an era of rapid technological change and geopolitical tensions, the value investing approach championed by Buffett offers a steady counterpoint.
Whether he is trimming Apple, investing modestly in Japan or simply showing up at the office, Buffett continues to shape conversations about prudent capital allocation. His message for 2026 appears clear: stay disciplined, avoid speculation and prepare for whatever the market delivers next.
Investors young and old would do well to heed the lessons of the Oracle, even as a new chapter begins at Berkshire Hathaway. The company’s fortress balance sheet and patient philosophy provide a blueprint that has weathered storms for more than 60 years — and shows no signs of fading in the post-Buffett era.
As calls for listing Tata Sons gain momentum, InGovern Founder and Managing Director Shriram Subramanian said the company’s board should consider the move, amid nudges from the Reserve Bank of India (RBI) and its largest shareholder, the Shapoorji Pallonji Group.
Subramanian’s remarks followed an ET Now report that the Tata Sons board is likely to meet on June 12 to mull over the company’s listing and also consider reappointment of Natarajan Chandrasekaran’s reappointment as Chairman.
“…I think there is only so much that Chandrasekaran can do regarding the listing because RBI can push this one and make it compulsory for Tata Sons to list. Two is, the Shapoorji Pallonji Group is always seeking a listing. So, they are the largest shareholder. So, to that extent the board in its prudence should consider the listing itself,” Subramanian said in a chat with ET Now.
“I guess in the past board meeting these two points that you touched upon. One is, the losses of the other unlisted group companies, maybe there was not enough data points, so that could be presented in this forthcoming board meeting. Two is, obviously the listing or the not listing of Tata Sons,” the InGovern Founder said.
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Tata Sons, an upper-layer NBFC is the principal investment holding company and promoter of Tata companies.
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He also commented on why Tata Trusts appears reluctant on getting Tata Sons listed. “I would think definitely Tata Trusts do not want the transparency of Tata Sons. So, to that extent they want it to be unlisted. They do not want to give liquidity to Shapoorji Pallonji Group. So, to that extent they do not want Tata Sons to get listed,” Subramanian said. “So, obviously, listing will entail a detailing of all the unlisted entities which are owned and the financial results and disclosing them, etc, and it may become slightly more onerous on the Tata Sons to sort of channelise its funds and capital allocation will be closely scrutinised. As such, the group is not very well known for capital allocation decisions. So, from that perspective, once it is listed, public shareholders will and analysts will obviously push for greater details on capital allocation, on profitability, path to profitability of the loss-making entities, etc, etc.,” he added.A Tata Trusts resolution passed less than a year ago, aimed to retain Tata Sons as an unlisted private entity, resisting regulatory momentum toward a potential IPO. More recently, Tata Trusts, under the chairmanship of Noel Tata, had asked Tata Sons Chairman N Chandrasekaran to explore all options to avoid a listing, while also initiating discussions on a potential exit for the SP Group.
However, Tata Trusts trustee and former Defence Secretary Vijay Singh recently called for the listing of Tata Sons on the stock exchanges through its initial public offering (IPO), echoing TVS Group’s Venu Srinivasan publicly supported statement, as reported by The Indian Express.
On Chandrasekaran’s reappointment as the Group chairman, Subramanian is of the view that he should get an extension as a 10-year term for a conglomerate of Tata Group’s complexity was not good enough.
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“I would think there is no reason why they should not give him another term. As such, a 10-year term is not sufficient enough for any CEO of such a complex group to show results. There have been green shoots, of course, in the past 10 years, but more needs to be done,” he opined.
InGovern is an independent corporate governance research and advisory firm which assists investors that have financial or reputation exposure to companies. (Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
Lisa Greene-Lewis, CPA and TurboTax expert, offers some last minute tips for taxpayers filing their 2025 tax returns ahead of the midnight deadline on Tax Day.
Americans are facing a midnight deadline to file their 2025 tax return, but the refunds that await the majority of taxpayers are larger on average than a year ago – with taxpayers in certain states receiving higher refunds, according to a new report.
An analysis by Upgraded Points of how refund amounts have changed across geographic areas and income levels finds that the estimated average refund for 2026 is $3,571, with 72.9% of taxpayers receiving refunds. That’s above the record set in 2022 of $3,252, though the share of refund recipients is down from 77.1% in 2021.
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The larger refunds across the nation come following the enactment of the One Big Beautiful Bill Act, which extended a host of tax policies that were set to expire and included new policies aimed at providing tax relief for income from tips and overtime, Social Security, and other provisions like the auto loan interest deduction for new, U.S.-made cars.
While those policy changes occurred for all U.S. taxpayers, residents of some states are seeing larger refunds than their peers in other parts of the country based on the IRS data used to compile the report.
Florida taxpayers are receiving the largest average tax refunds this year, according to the report. ( Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images)
The Upgraded Points analysis found that the state with the highest average refund was Florida with $4,433 after adjusting for inflation. That’s out of more than 11.1 million federal tax returns filed, of which 67.1% yielded a refund for the taxpayer.
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“While Tax Day isn’t usually a day for celebration, Americans can rejoice knowing they will likely receive a larger tax return or owe less than in years past. I am proud to have supported the Working Families Tax Cut Package – the largest tax cut in history for working Americans,” Sen. Ashley Moody, R-Fla., told FOX Business.
“On average, Floridians will receive the largest average federal tax refunds in the country, keeping hard earned dollars in the pockets of workers, families, and businesses,” Moody added.
Florida’s Collier County, home of the city of Naples, ranked in the top five largest average tax refunds. (iStock)
Texas ranked second with an average refund of $4,344 out of 13.6 million returns filed by Lone Star State taxpayers, with 71.3% receiving a refund.
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A pair of states in the Mountain West ranked third and fourth, with Wyoming taxpayers getting an average refund of $4,282 with 68.8% of the 280,750 returns filed receiving a refund, followed by Nevada’s average refund of $4,193 with 69.6% of the Silver State’s 1.6 million returns receiving a refund.
Louisiana rounded out the top five with an average refund of $4,117 across nearly 2 million returns filed with a 73% refund rate, which Upgraded Points noted ranked as the third-highest refund rate among states.
The county level data in the report showed even higher refunds in wealthy enclaves around the country.
Wyoming’s Teton County, home of Jackson, had the largest average tax refunds among U.S. counties. (Daniel Acker/Bloomberg via Getty Images)
Wyoming’s Teton County, which is home to the town of Jackson, had the largest average refund in the country of $15,156, out of the 15,210 federal returns filed with only 51.9% receiving a refund.
Pitkin County, Colorado, which is where the town of Aspen is located, had an average refund of $8,756 based on 10,520 returns filed with a 52% refund rate.
Utah’s Summit County, which includes Park City, had an average refund of $8,481 with 55.8% of the nearly 25,000 returns filed receiving a refund.
A sample prompt in ChatGPT using Starbucks’ beta app
Source: Starbucks
Starbucks has launched a beta app in ChatGPT to provide inspiration for customers’ drink orders, the company said Wednesday.
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To use the beta app, customers need to enable the Starbucks app through ChatGPT’s app directory and then enter a prompt on the chatbot that includes “@Starbucks.” While they can customize their orders and even select what location to order from, consumers will need to complete their order on the Starbucks app or website — a key distinction for a company that relies heavily on its loyalty program.
“Over the past year, one thing has become clear: customers aren’t always starting with a menu,” Paul Riedel, Starbucks senior vice president of digital and loyalty, said in a statement. “They’re starting with a feeling… We wanted to meet customers right in that moment of inspiration and make it easier than ever to find a drink that fits.”
The announcement on Wednesday marks the latest way that Starbucks is trying to find ways to entice U.S. customers back to its cafes. Under its “Back to Starbucks” turnaround strategy, the company has added seating back to its cafes, trimmed its menu and reintroduced tiers back to its loyalty program.
It also helped customers find new drinks on its mobile app, through its trending beverage category or the secret menu under its “offers” tab. Drink discovery is also important for winning over Gen Z consumers, who have shown more of an affinity for unique beverages at U.S. restaurant chains than older generations.
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So far, Starbucks’ turnaround strategy looks like it is taking hold. After two years of traffic declines, the chain finally reported rising customer transactions in its fiscal first quarter ended Dec. 28.
Wednesday’s announcement is not Starbucks’ first foray into using generative artificial intelligence or partnering with OpenAI. Last year, the coffee company unveiled Green Dot Assist, an AI assistant for baristas created with Microsoft Azure’s OpenAI platform.
Other consumer companies have also been partnering with OpenAI to boost sales. Walmart, Etsy and Booking.com are among the big names that are testing out shopping and purchasing through ChatGPT’s interface.
‘It is pleasing that order intake in the second half year for both Petards Rail and Petards Defence were at levels not seen for several years’
The Petards base in Gateshead(Image: Google Earth)
Gateshead security tech firm Petards has hailed rising revenues and earnings in its full year results on the back of a solid increase in contracts. The listed Team Valley company develops advanced security, communication and surveillance systems for the traffic, communications, rail and defence sectors, employing more than 110 people at its base in Princesway.
Bosses said improved trading had been driven by Petards Rail and a profitable maiden full-year’s contribution from Affini, the Derby-based wireless specialist that Petards acquired last year. Turnover in 2025 jumped 24% to £14.9m, and adjusted Ebitda more than doubled from £400,000 to £1m, while net cash inflows from operating activities also grew to £1.4m, up from £200,000.
It also narrowed its operating loss from £774,000 to £435,000. Petards said more than half of revenues came from service, engineering support, spares, repairs and managed service. It saw reduced revenues at subsidiary QRO – which delivers complete end to end ANPR (Automatic Number Plate Recognition) systems – due to delays in customer order placement,but said these were offset by stronger performances at other operations.
QRO is expected to regain momentum over this financial year.
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Chairman Raschid Abdullah thanked all of its employees for their hard work, support and commitment throughout the year, adding that “their collective effort, teamwork, and innovation support the progress we are making and positions the group well for the future”.
He said: “Given the difficult market conditions experienced by both Rail and Defence in recent years, it is pleasing that order intake in the second half year for both Petards Rail and Petards Defence were at levels not seen for several years. Of particular note were the contract awards from the MOD, Rheinmetall BAE Systems Land and BAE Systems in the last two months of the year totalling £3.5m.
“The largest of these was the £2.2m order from RBSL which is for the provision of initial electronic design and obsolescence management services in support of RBSL’s Challenger 3 Upgrade Programme, for which the main deliverables are scheduled for the current year.
“Following on from this we are well positioned to extend our involvement into the manufacturing phase of the programme.”
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Mr Abdullah said the closing order book of £9.2m represents Petards’ largest year end order book in years, £7.7m of which is scheduled for delivery during 2026.
He added: “While Petards is not exposed any more than similar companies of our size, we are understandably cautious in terms of the impact that current events in the Middle East might have on both supply chains and our customers plans, should the situation remain unresolved over an extended period. At this stage it is difficult to predict what the short and medium term outcome may be.
“Nevertheless, the Group’s £9.2m opening order book and its revenue coverage for 2026 is encouraging and provides a solid base from which the business can progress.
“We enter 2026 in a stronger position than has been the case in the past few years. While customer order placement decisions continue to be taking some time, I am pleased to report that 2026 has started well with first quarter Group earnings in line with the Board’s expectations.
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“Given the strength of the opening order book and its cover for 2026, the Board is confident that the Group is well placed to deliver a continued improvement in its trading performance in the coming year.”
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‘It provides an opportunity to influence positive change, share best practices, and strengthen collaboration in the North East’
Kerry Pearson, North East chair of R3(Image: Armstrong Watson)
The new chair of the North East division of insolvency body R3 has told how her appointment represents “an honour and a responsibility”. Armstrong Watson restructuring and insolvency director Kerry Pearson has been appointed North East Chair of R3, the trade organisation for insolvency and restructuring professionals, a role which will see her represent members across the region.
In her new role Ms Pearson will facilitate networking and knowledge-sharing opportunities, and ensure local voices are heard at a national level. She told how she plans to organise events that encourage learning and engagement, and to build stronger relationships with key regional stakeholders.
Ms Pearson is set to focus on promoting early engagement with professional advice, supporting training and development for members, and raising awareness of the positive role the profession plays in rescuing businesses and preserving jobs. She also aims to champion practical collaboration across the North East to safeguard employment and strengthen resilience.
She said: “This appointment is both an honour and a responsibility. It provides an opportunity to influence positive change, share best practices, and strengthen collaboration in the North East.
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“I’ve always been passionate about promoting the value of our profession and ensuring businesses and individuals receive the right advice during challenging times.
“I’m committed to supporting the insolvency and restructuring profession and to contributing to the region’s business community. This role allows me to advocate for the sector and raise awareness of its importance.
“At Armstrong Watson, we focus on helping businesses navigate financial challenges and achieve stability. Being part of R3 enhances our ability to stay ahead of industry developments so we can provide clients with informed, practical solutions.”
Looking ahead, she highlights both challenges and opportunities for the sector, including economic uncertainty, rising costs, changing markets and the increasing role of technology in improving efficiency and outcomes.
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Ms Pearson’s appointment comes as insolvency statistics for early 2026 showed a persistent increase in corporate distress across England and Wales, with February 2026 data revealing 1,878 registered company insolvencies, a 7% rise from January 2026.
Company insolvencies in February 2026 consisted of 249 compulsory liquidations, 1,473 creditors’ voluntary liquidations (CVLs), 146 administrations and 10 company voluntary arrangements (CVAs).
Courts Developments plans scheme next to Barons Quay
Mark Smith and Local Democracy Reporter
17:00, 15 Apr 2026
Artist’s impression of the proposed new flats next to Barons Quay in Northwich(Image: NW Architects)
A five-storey apartment block and a new retail unit could be built next to Barons Quay if plans are given the green light.
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An outline application has been submitted by Courts Developments for up to 84 flats on Tabley Street, along with a retail unit, and parking spaces.
The proposed 4,482sqm development would consist of a ‘stepped’ apartment block design, with the maximum height being five storeys, measuring up to 16m high – making it one of the tallest buildings on the Northwich town centre skyline.
A total of 30 flats would be two-bed, and 54 would be one-bed. As the application is only outline at this stage, some specific details are yet to be nailed down.
But planning documents stated there would be a maximum of 55 car parking spaces spread across two parking areas, with 43 of the spaces having charging points for electric vehicles.
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The scheme also includes a ‘small and flexible’ commercial space measuring around 145sqm on the ground floor. Options which have been considered by the developer so far include using it as a community space, a retail unit, or café/restaurant, but documents said no firm decision has yet been made.
Barons Quay is located to the west of the site – which is currently vacant – while Sainsbury’s located to the east. The Salvation Army Hall and Albion Road are located along the southern boundary.
The application to Cheshire West and Chester Council, said: “The scheme is designed to be outward looking to ensure that the building addresses the street scene and the wider surroundings, whilst also enhancing natural surveillance of the area.”
It added: “At ground level, the scheme provides residential apartments that open directly onto the communal garden, while ancillary spaces such as bin stores, plant rooms, and cycle storage are positioned along Tabley Street to allow for convenient servicing acces.
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Planning regulations require a percentage of every new development to have affordable housing, via schemes such as social rent or capped purchase prices for first time buyers.
The application added: “The council seeks to maximise the provision of affordable housing provided up to a target of 30 per cent.”
It added: “Within this target, the proportion, type, tenure and size of affordable housing sought in each case will depend on site specific circumstances and the overall effect on the viability of the scheme and will take into account the most up to date assessment of affordable housing needs.”
The plans can be viewed on the council’s planning portal under the following reference number: 26/00844/OUT.
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To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.
Copper prices are showing signs of a near-term rebound as easing geopolitical tensions and improving demand cues lift sentiment. After a sharp sell-off triggered by the Strait of Hormuz blockade, prices recovered on hopes of U.S.–Iran talks, while softer inflation data from China added to optimism around physical demand. However, rising inventories on the London Metal Exchange may cap sharp upside in the short term.
April copper futures on the MCX jumped 1.7% intraday on Wednesday, hitting the day’s high of Rs 1290.60 even as the trade remained lackluster in the international markets. The price of the red metal was flat at $6.08 on the COMEX, with the bias remaining negative.
Commenting on the prevailing trends, Ajit Mishra, Senior Vice President, Research at Religare Broking said the copper outlook for the near term indicates improving upside potential, driven by a shifting geopolitical landscape. After a sharp drop last Monday due to the Strait of Hormuz blockade, prices rebounded by the mid-week amid hopes for U.S.–Iran peace talks emerged. Meanwhile, China’s Consumer Price Index (CPI) for March 2026 showed a year-on-year (YoY) increase of 1.0%, a slight cooling from the 1.3% growth recorded in February, he said.
“This was supportive for the base metals market especially copper as it was an interpretation of improving physical demand outlook. The holistic view is bullish but the rising LME inventories shall curb the chances of any sharp rally, at least for the short term,” Mishra said.
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Technical Outlook
LME copper jumped to approximately $6.10/lb ($13,380/ton nearly) on April 14, recovering from Monday’s slump.
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The market is currently in a buy-on-dips mode, supported by an RSI which is placed below the 70 line, indicating strong bullish momentum, the Religare analyst said, adding that the long term scenario remains positive on the whole.
ETMarkets.com
Copper trading strategy
MCX prices on the weekly chart are placed comfortably above the key moving averages thus enhancing the bullish prospects. Wait for a short corrective phase towards the region of 1,270-1,275 to buy the April derivative and aim for the target objective of Rs 1,320-1,330 placing stop loss below Rs 1,245. (Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
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