copper intraday

Copper support at 344.10
17 July 2008 11:39:11

The union leadership at the Cerro Verde copper mine in Peru has called off strike action threatened for today to allow for further talks with management on their grievances, mostly related to working conditions. Also Copper stock was 650mt against the previous of 325mt. Copper has touched a low of Rs 345.6 a kg after opening at Rs 352.95, and last traded at Rs347.45.For today market is looking for the support at 344.10, a break below could see a test of 340.80 and where as resistance is now likely to be seen at 352.30, a move above could see prices testing 357.10.

Trading Ideas

TRADING RANGE IS 340.80-357.10
SELL COPPER @ 348-349 SL 352.20 TGT 346.80-345.60-344.20. MCX
AS STRIKE IS CALLED OFF COPPER CAN TAKE SUPPORT TILL SUPPORT TILL 337-338 LEVEL. MCX
STILL MARKET IS RANGING 350-360 LVL

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