MUMBAI (Commodity Online): Copper prices are seen down in the domestic futures market on Monday as the global sentiments for the base metals are seen bearish due to the spurt of dollar against major currencies.
Traders at MCX counter sold off their position at higher levels in today’s trade. MCX copper November delivery opened down by Rs.1.05 at Rs.284.80 per kg. It got traded in the range of Rs.283.00-284.80 per kg. At 10.50 am IST it traded down by Rs.1.85 at Rs.284.00/kg. Total traded volumes recorded 4809 lots.
Chinese copper buying will abate but not cease entirely during the remainder of 2009 but should regain strength in 2010 - although maybe not to the record levels seen earlier this year.
Trading platform that even a 5 year old can trade. Join nowCopper prices closed at their lowest level since early August after weak jobs data from the United States eroded confidence in demand prospects and reinforced worries about the pace of economic recovery.
For today market is looking for the support at 285.00, a break below could see a test of 284.20 and where as resistance is now likely to be seen at 287.00, a move above could see prices testing 288.20.
