Copper gained, rebounding from a two-day slide, as a weaker dollar boosted the appeal of commodities as inflation hedges. Yesterday the LME copper was -525mt against the previous of -1025mt.
Copper has touched a low of Rs 315.05 a kg after opening at Rs 317, and last traded at Rs317.65.For today market is looking for the support at 315.30, a break below could see a test of 313.00 and where as resistance is now likely to be seen at 319.70, a move above could see prices testing 321.70.
Trading Ideas: TRADING RANGE IS 313.00-325.00.
SELL COPPER @ 319-320 SL 322.40 TGT 316.80-315.60-314.40. MCX
BELOW 316.80 ADD MORE FOR SUPPORT TILL 314.80-312.60.
OVERALL TREND FOR COPPER IS WEAK.
Courtesy: JRG Wealth Management
