MTECHTIPS;-COPPER
Copper snapped earlier two session losses and rallied on Tuesday, 17th April driven by the
encouraging Spanish bond auction, rise in German ZEW indicator and raise in IMF global
growth forecast for 2012 and 2013. Copper rose by 0.3% at $8015 per tonne on Tuesday at
LME. Comex Copper edged up by 0.5% or 2 cents at $3.647 a pound. MCX Copper edged up
by 0.1% or Rs 0.3 at Rs 415.05 per kg favored by slight short covering during the day and
touched an intraday low at Rs 409.7 per kg and high at Rs 415.4 per kg. But, the soft data
from the US that showed fall in home construction clawed back few gains in the metals.
Copper at MCX is likely to find support at Rs 411.5 per kg and Rs 408 per kg and resistance
at Rs 418.4 per kg and Rs 422.3 per kg on Wednesday 18th April.
Copper snapped earlier two session losses and rallied on Tuesday, 17th April driven by the
encouraging Spanish bond auction, rise in German ZEW indicator and raise in IMF global
growth forecast for 2012 and 2013. Copper rose by 0.3% at $8015 per tonne on Tuesday at
LME. Comex Copper edged up by 0.5% or 2 cents at $3.647 a pound. MCX Copper edged up
by 0.1% or Rs 0.3 at Rs 415.05 per kg favored by slight short covering during the day and
touched an intraday low at Rs 409.7 per kg and high at Rs 415.4 per kg. But, the soft data
from the US that showed fall in home construction clawed back few gains in the metals.
Copper at MCX is likely to find support at Rs 411.5 per kg and Rs 408 per kg and resistance
at Rs 418.4 per kg and Rs 422.3 per kg on Wednesday 18th April.
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