MTECHTIPS:-Technical Comment for the Day: Copper

MTECHTIPS:-Technical Comment for the Day: Copper

MCX Copper declined after a brief rally seen in first two days of the week. The prices have remained below Rs 300 that is acting as a firm barrier for the metal. Closing for Copper in last eight sessions has been below Rs 300. Supplies are emerging soon as Copper reaches near to Rs 300. The prices closed at Rs 297.35 per kg on 20 January 2016, close to supports of Rs 295 per kg. The prices tested a high of Rs 299.50 per kg and a low of Rs 296.25 per kg. Open interest was 21576 against 22214 on 19 Jan 2016.

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