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MTECHTIPS:-COPPER
Copper is likely to trade sideways during the morning session on Thursday, 10th May after closing below $8000 per tonne levels. In addition to the political uncertainties still lurked out in the market, the latest Chinese data that showed exports and imports rose less than estimated in April fuelled the investors woes of global economic growth. But, the concerns on Chinese government to ease the policies to spur the expansion and relative growth year-onyear might solace the metals. Copper is likely to find support at Rs 434.3 per kg and Rs 432.3 per kg and resistance at Rs 440 per kg and Rs 443 per kg. Copper plunged by 2% at $7970 per tonne Wednesday at LME. Comex Copper slumped by 0.5% or 2 cents at $3.6595 a pound. MCX Copper buoyed by 0.5% or Rs 2.15 at Rs 438.7 per kg but tested an intraday high at Rs 439.25 per kg and low at Rs 432.45 per kg.Copper witnessed another volatile session on Tuesday, as the commodity traded between 434 and 442 levels intraday and took support at lower levels. Copper faces stiff resistance at higher levels above 444 any up move in the commodity will open up 450 and higher levels in coming days. Copper has strong support below 436 levels any dip will retest 432 levels.The outlook remains positive. (view Maintained)
Copper is likely to trade sideways during the morning session on Thursday, 10th May after closing below $8000 per tonne levels. In addition to the political uncertainties still lurked out in the market, the latest Chinese data that showed exports and imports rose less than estimated in April fuelled the investors woes of global economic growth. But, the concerns on Chinese government to ease the policies to spur the expansion and relative growth year-onyear might solace the metals. Copper is likely to find support at Rs 434.3 per kg and Rs 432.3 per kg and resistance at Rs 440 per kg and Rs 443 per kg. Copper plunged by 2% at $7970 per tonne Wednesday at LME. Comex Copper slumped by 0.5% or 2 cents at $3.6595 a pound. MCX Copper buoyed by 0.5% or Rs 2.15 at Rs 438.7 per kg but tested an intraday high at Rs 439.25 per kg and low at Rs 432.45 per kg.Copper witnessed another volatile session on Tuesday, as the commodity traded between 434 and 442 levels intraday and took support at lower levels. Copper faces stiff resistance at higher levels above 444 any up move in the commodity will open up 450 and higher levels in coming days. Copper has strong support below 436 levels any dip will retest 432 levels.The outlook remains positive. (view Maintained)
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