MTECHTIPS;-MCX Copper breaching 412-414 can take futures to 420: Technical Analyst

MTECHTIPS;-MCX Copper breaching 412-414 can take futures to 420: Technical Analyst

MCX Copper futures are trying hard to breach the levels of 412-414 where the commodity is facing a stiff resistance.“If it breaches the same, then chances galore that the commodity would move to 420 levels. But at 420 too, the commodity faces stiff resistance,” said John Godson, Technical Analyst at Commodity Online.Copper for delivery on India's MCX for June was seen trading at Rs.409.45 a Kilogram, a loss of 0.55% as of 12.46 PM IST. On the Globex platform of Comex, copper for delivery on July 13 was seen trading at $3.280, a loss of $0.035 or 1.06% as of 12.47 PM IST.With reports pouring in that China may actually go slow on growth, copper futures has been undergoing a phase of decline. However, on a month-on-month basis, the futures is up by 2.75% while year-to-date is low by 11.6%, compared to previous year prices.International Copper Study Group (ICSG) data out last week showed that the double-digit pace of growth in global mine output continued in February at 10% y/y after January’s 14% y/y.Meanwhile, reports suggest that Freeport-McMoRan Copper & Gold Inc. (FCX) announced it can resume open-pit mining at Indonesia’s Grasberg mine after an accident that brought operations to a grinding halt.

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