AHMEDABAD (Commodity Online): On Monday morning, MCX Copper February contract dropped almost 1.80 percent to 418.30 rupees per Kilogram. Base metals traded in mix trend ahead of EU meet in order to discuss about the Euro Zone debt crisis.
Copper rallied nearly 12% since the beginning of 2012, buoyed by expectations that demand from top consumer China will remain strong. Low interest rates can make holding copper and other commodities more appealing compared with interest-bearing assets.
Copper futures are expected to trade in range of 415 to 430 rupees at MCX Counter in ongoing week. Buy on dips can be this week strategy, If price come around 415 rupees than one can go long with stop loss of 410 for target near 428 in ongoing week. Buying is recommended above 415 levels.
To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com
Get Trading tips on your mobile
