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Three-months copper has hit a low of $7,596 a metric ton so far Monday on the London Metal Exchange, the weakest level since Sept. 5. R.J. O'Brien lists chart support around $7,550 and $7,430, with resistance at $7,75..

05 Nov 2012

LONDON (Commodity Online): LME Copper is continuing to break down on the technical charts, said R.J. O'Brien & Associates, encouraging commodity trading adviser and technical-fund selling.

"Experienced copper traders we speak to also make the point that despite the better economic news coming out of Asia these days, they are still looking to sell into rallies on the view that the gains will not be sustained and that they can pluck $40 to $50 per (metric) ton out of such trades," the firm added.

"But they stress that an aggressive bear market is unlikely given the better macro data of late and ongoing policy support from central banks," they continued.

Three-months copper has hit a low of $7,596 a metric ton so far Monday on the London Metal Exchange, the weakest level since Sept. 5. R.J. O'Brien lists chart support around $7,550 and $7,430, with resistance at $7,750.


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COMMENTS (1)
Sudhir dash odisha
07 Nov 2012
my deare riends if u are a commodity trader so please pliesa maintan stop loss other wise a way of this mkt......... or one thing no body make mony in one day.remember this one
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