AHMEDABAD (Commodity Online): Copper futures traded highly volatile in yesterday sessions after the International Monetary Fund said that China's annual economic growth could be cut nearly in half this year if Europe's debt crisis tips the world economy into a recession, putting pressure on Beijing to unveil "significant" fiscal stimulus.
Copper February future settled at 418.85, down by 0.12 percent. It touched an intra-day high of Rs 420.45 per kg after touched an intra-day low of Rs 416.70. However in LME Copper futures decline around 1 percent.
Today's session Copper February prices open down at 418.50. Currently it's trading at 416.25,down by 0.61 percent by 11:20 IST.
According to Ankush Kumar Jain, Analyst with Commodity Online, Copper prices expect to trade lower today on the back of dollar strength coupled with ongoing concerns over Greece debt worries. Technically MCX Copper February contract having good support at Rs 412 and Resistance at Rs 421.
intra-day traders advised to sell Copper February futures around Rs 418 with stop loss of Rs 421 for target Rs 415 and 412, added Jain.
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