Last Updated : 04 January 2013 at 16:10 IST
Copper 2013: The king of returns and the return of the king
Source :Commodity Online Research desk
Technically on monthly charts, copper futures made a double bottom at Rs 397 levels, which means for the year 2013 copper has a very crucial support at Rs 397 and until prices are not traded below that level buying is recommended for the year 2013.
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Copper, the king of base metal complex for the last 3 years on the MCX was unable to hold no. 1 position in 2012 and finished this year at no. 3 position in terms of yearly return followed by lead and zinc.
Lead and zinc gave a return of 18.30% and 14.88% respectively in the year 2012, while copper gave a return of 9.30%.
Technically on monthly charts, copper futures made a double bottom at Rs 397 levels, which means for the year 2013 copper has a very crucial support at Rs 397 and until prices are not traded below that level buying is recommended for the year 2013.
According to WD Gann Fan Theory, Copper futures are expected to trade in the range of Rs 456 to Rs.397 and breakout to any of sides would give the clear direction for the coming period.
If copper futures are traded above Rs 456 then it may move up to Rs 510 levels and If it sustains below Rs 397 then it is expected that price level for the copper futures would be at Rs 330 for the year 2013.
According to Fibonacci price extension, copper futures have a crucial resistance at Rs 470 and if prices sustain above that level then it may move up to Rs 510 levels for the year 2013.
If Copper futures are unable to break or sustain above 61.80% level of Fibonacci price extension, which comes around Rs 470, then it may move down up to 420-410 levels for the short term period in 2013.
I expect Copper price on the MCX to trade in the range of Rs 390-510 levels for the year 2013.
Long term traders are advised to take a long position in copper futures around Rs 410 with stop loss of Rs 390 and wait for the target Rs 470 and Rs.510 for the year 2013.
(Ankush Kumar Jain is Research Analyst, Commodity Online)
