AHMEDABAD (Commodity Online): MCX copper is currently trading around Rs. 407.6 after opening at Rs. 408.45 and formed a high of Rs. 411.50. Copper has remained in range from past 3-4 sessions on the account that the consumption from China and India is moving down, constantly.
Investors remained sceptical about the efforts of European leaders to pull itself out of the debt crisis, and there are worries going among traders that industrial demand is slowing down which may impact future prices of the market negatively.
Technically, MCX copper is having best support near Rs. 403 and resistance at Rs. 416 trading above and below will give us overall clue that where market may move ahead.
Meanwhile, trader may take risk to buy near Rs. 405 with stoploss of Rs. 403 with target of Rs. 410 and sell near 413 with target of Rs. 405, maintaining stop loss of Rs. 416, says Hardik Jani, research analyst with Commodity Online.
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
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