MTECHTIPS

MTECHTIPS
Copper is likely to trade cautiously during the morning session on Wednesday, 23rd May as
the investor's focus on ahead European summit and lingering concerns on the Greece exit
form the Euro zone and sluggish economic growth might hamper the metal. Copper is likely
to find support at Rs 426 per kg and Rs 423 per kg and resistance at Rs 433 per kg and Rs
435 per kg. Copper ended flat at $7741 per tonne on Tuesday at LME. Comex Copper ended
flat at $3.487 a pound. MCX Copper buoyed by 0.7% or Rs 3 at Rs 429.6 per kg and tested
an intraday high at Rs 430.7 per kg and low at Rs 426.85 per kg. Copper snapped earlier
three consecutive sessions gains and ended on a flat note on Tuesday, 22nd May as the fret
on Greece exit from the euro zone exacerbated during the late session following the Former
Greek Prime Minister Lucas Papademos statement.
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