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 and intra-day traders are advised to take long position for the day.“Support for the commodity is seen at 408.5 & 405 levels while on the upper side resistance is seen at 415 and 418 levels,” said Tarang Parmar Research Analyst at Commodity Online.“Intra-day traders may take long position near 409 with stop loss below 405 and can wait for the targets at 415 and 418 levels,” he noted. MCX copper for June delivery was seen trading up by 0.11% at Rs.411.90 per kilogram as of 02.39 PM IST today.US data on its quarterly GDP and initial jobless claims data are scheduled to release at 06.00 PM IST today. 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.The OECD has revised its global growth projections for 2013 t0 3.1 percent from its previous estimates of 3.4%.Meanwhile, the International Monetary Fund (IMF) cut its projections for Chinese growth to 7.75 percent this year, from its earlier estimates of 8 percent.

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