MTECHTIPS;-MCX Copper positive; resistance 415 and 418

MTECHTIPS;-MCX Copper positive; resistance 415 and 418

The trend in copper futures for June delivery on India's Multi Commodity Exchange (MCX) looks positive. The base metal prices recovered in the earlier session on good buying support.“For intra-day, resistance for the base metal is seen at 415 & 418 levels. On the lower side, support is there at 407 and 404 levels,” said Tarang Parmar, Research Analyst at Commodity Online.“Intra-day traders may take long position near 410 with the stop loss of 406 and can wait for the targets at 415 and 418 levels,” noted Tarang.MCX copper futures for June delivery was seen trading down by 0.46% at Rs.409.80 per kilogram as of 02.29 PM IST on Wednesday.Copper futures for July delivery on Globex platform of Comex was seen trading down by 0.88% at $3.286 per pound as of 02.43 PM IST on Wednesday .Freeport McMoRan Copper & Gold Inc stated that it would restart some of its operations at the world's second largest copper mine in Indonesia. Copper production is expected to resume in the next two to three days. Two weeks ago, the mine closed after a tunnel collapse.Copper inventories in LME accredited warehouses declined for a third day to 619,650 tons. Orders to withdraw the base metal from warehouses rose 0.5 percent to 223,150 tons.Production of copper and copper-alloy fabricated products in Japan increased 2.9 percent in April from March, according to the data released by the Japan Copper & Brass Association.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% 
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