MTECHTIPS

MTECHTIPS
Copper is likely to trade on sidelines during the morning session on Tuesday, 5th June as the
closure of LME coupled with the mixed global economic concerns might weigh on the
sentiment. Copper is likely to find support at Rs 407.2 per kg and Rs 405 per kg and
resistance at Rs 411.7 per kg and Rs 415.5 per kg. Copper ended flat at Comex on Monday,
4th June as the disappointing US factory orders released during the late session eclipsed the
falling bond yields in Spain and Italy. Comex Copper for the most active July contract ended
flat at $3.307 a pound. MCX Copper edged up by 0.1% or Rs 0.5 at Rs 408.1 per kg and
tested an intraday high at Rs 411.65 per kg and low at Rs 397.05 per kg. Short covering with
14% dip in its open interest to 38025 lots led the metal to end with modest gains.
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