Thursday, 1 August 2013

Technical Comment For The Day: Copper

Copper recovered sharply and tested a one week high on the back of high liquidation of short positions. The open interest has dipped continuously in the last three sessions. The pickup in volumes to 71541 kgs, also justified that the rise in metal. MCX Copper August expiry contract closed at Rs 421.5 per kg, up 2.5%. Further rise of metal towards Rs 425 is highly likely in today's session. Earlier in the month, Copper has managed to test the resistance of Rs 425 but failed to surpass it. On LME, Copper was up by 1.6%, at $ 6920 per tonne. The next support for the contract is at $ 7000 per tonne.
Source by Commodity Insights

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