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MTECHTIPS:-COPPER
Copper witnessed a sideways session Saturday, as the commodity declined to close around the supports of 440.Copper faces stiff resistance at higher levels above 446 any up move in the commodity will open up 450 and higher levels in coming days. Copper has strong support below 440 levels any dip will retest 436 levels. The outlook still remains positive, and holding above 446 will be positive.Copper is likely to recede during the morning session on Monday, 7th May as the mostly awaited elections in France and Greece held during the last weekend stoked the investor's fears of Europe's ability to pursue austerity measure and curtail the region's debt crisis. Copper is likely to find support at Rs 438 per kg and Rs 435.2 per kg and resistance at Rs 443 per kg and Rs 445 per kg. Copper ended flat on Friday, 5th May at LME as the investors digested the disappointing US non-farm payrolls data and hold their positions craving for the outcome of key elections held in France and Greece. Copper ended flat at $8255 per tonne on Friday at LME. Comex Copper dropped by 0.4% or 2 cents at $3.721 a pound. MCX Copper plunged by 0.8% or Rs 3.9 at Rs 440.45 per kg mostly trading in the same range a day earlier and tested an intraday high at Rs 446.9 per kg and low at Rs 438.8 per kg.
Copper witnessed a sideways session Saturday, as the commodity declined to close around the supports of 440.Copper faces stiff resistance at higher levels above 446 any up move in the commodity will open up 450 and higher levels in coming days. Copper has strong support below 440 levels any dip will retest 436 levels. The outlook still remains positive, and holding above 446 will be positive.Copper is likely to recede during the morning session on Monday, 7th May as the mostly awaited elections in France and Greece held during the last weekend stoked the investor's fears of Europe's ability to pursue austerity measure and curtail the region's debt crisis. Copper is likely to find support at Rs 438 per kg and Rs 435.2 per kg and resistance at Rs 443 per kg and Rs 445 per kg. Copper ended flat on Friday, 5th May at LME as the investors digested the disappointing US non-farm payrolls data and hold their positions craving for the outcome of key elections held in France and Greece. Copper ended flat at $8255 per tonne on Friday at LME. Comex Copper dropped by 0.4% or 2 cents at $3.721 a pound. MCX Copper plunged by 0.8% or Rs 3.9 at Rs 440.45 per kg mostly trading in the same range a day earlier and tested an intraday high at Rs 446.9 per kg and low at Rs 438.8 per kg.
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