Last Updated : 10 January 2013 at 18:15 IST
Inability to breach Rs.455 may take MCX Copper futures down
Source :Commodity Online Research desk
MCX copper overall trend looks sideways and prices can move down if it is unable to breach Rs.455 on higher side.
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MCX copper futures is trading on a positive note in today's session as Chinese exports picked up.
China has made a turn around as data suggests exports jumped by 14% in December from a year earlier beating the Bloomberg estimates of 5%.
MCX copper overall trend looks sideways and prices can move down if it is unable to breach Rs.455 on higher side.
Technically Copper February futures have been trading in the range between Rs 455-447 from last 7 trading sessions and now a breakout to any of the side would give a clear direction for copper prices for coming sessions.
If copper prices sustain below Rs.447 then it may touch Rs.442 levels very soon.
Intra-day traders are advised to short sell copper futures around Rs.451-452 with stop loss of Rs.455 and wait for the target near Rs.447.
MCX copper for delivery on February 28 was seen trading at Rs.450.15 a kilogram a gain of 0.6% as of 05.45 PM IST. (Ankush Kumar Jain is Research Analyst, Commodity Online)
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