MUMBAI (Commodity Online): Copper prices extended the previous gains on Tuesday in the domestic futures market backed by the strong global sentiments.
MCX copper February contract traded Re 0.50, or 0.17% higher at Rs 301.40 per kg, with a turnover of 990 lots. It ended 0.3% higher at Rs 300.90 per kg in the previous session. Far-month April contract also edged higher by Re 0.50, or 0.15% to Rs 304.10 per kg, with a business turnover of 117 lots.
For today's session market is looking to take support at 297.6, a break below could see a test of 294.2 and where as resistance is now likely to be seen at 303.3, a move above could see prices testing 305.7.
Trading platform that even a 5 year old can trade. Join nowCopper rallied on Monday as investors and consumers, seeing bargain prices and believing in the stronger China demand story, piled in. Copper yesterday traded with the positive node and settled 0.32% up at 300.9.
In yesterday's trading session copper has touched the low of 296.6 after opening at 300.5, and finally settled at 300.9. Earlier on Monday the metal used in power and construction touched $6,475.
A frenzied sell-off across equities and commodities because of sovereign default fears and a stronger dollar last week pushed copper to $6,225, the lowest since Oct. 19, and 20 percent below this year's high of $7,796 on Jan. 7.
