Last Updated : 09 January 2013 at 12:30 IST
Party time for MCX Copper bears if futures sustain below Rs.447
Source :Commodity Online Research desk
China may have quickened itself on growth aspect and fourth quarter may see 7.8% growth as per a Reuters poll. This, if it turns out to be real may give boost to the base metal pack, especially copper.
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Copper futures opened in negative territory in today's session and is now trading near to very important support level of Rs 447.
If prices today sustain below that level then it may further go down and touch 442 levels in an intra-day session. Technically on daily charts copper futures have a good resistance at Rs 450 for the day.
Intra-day traders advised to sell copper February futures below Rs.447 with stop loss of Rs.450 and wait for the target near Rs. 442.
Tuesday saw copper prices little changed as supportive economic signals got beamed from China and on hopes that Europe's woes are getting addressed taking it to a path of stability. However the earnings season reports from US may get to be sluggish which was reflected in subdued equity markets. And there are analyst reports that US Federal Reserve may curtail QE measures earlier than anticipated.
Meanwhile, China may have quickened itself on growth aspect and fourth quarter may see 7.8% growth as per a Reuters poll. This, if it turns out to be real may give boost to the base metal pack, especially copper.
China trade data is set to be released this Thursday.
On India's MCX, copper for delivery on February 28 was spotted trading at Rs.448.55 a loss of 0.08% as of 12.15 PM IST.
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