Tuesday, 30 July 2013
The resistance of Rs 413 and Rs 414 per kg again proved too stiff for Copper to breach on Tuesday. The metal remained in green but managed to close with minor gains of 0.09% to Rs 411.2 per kg. The prices are likely to remain trading in the same manner as they did on Tuesday. The range of Rs 414 and Rs 409 is active at the moment in Copper. Open interest in the metal was down by 7786 contracts to 25834 contracts on 30 July 2013. However the volumes were up reaching 53437 kgs in the August contract. This indicates that traders tried to settled their respective short positions before the key decisions from US.
Source by Commodity Insights