Copper futures in Shanghai plunged to the lowest in more than six months as global stockpiles rose to a five-month high, raising speculation demand may be slowing. Yesterday the LME copper was 1550mt against the previous of 2250mt. Copper has touched a low of Rs 322.2 a kg after opening at Rs 336, and last traded at Rs322.65.For today market is looking for the support at 317.8, a break below could see a test of 312.95 and where as resistance is now likely to be seen at 331.9, a move above could see prices testing 341.15.
Trading Ideas
TRADING RANGE IS 313.00-340.00.
SELL COPPER @ 328-329 SL 331.20 TGT 325.60-323.70-321.40-318. MCX
A JUMP CAN BE SEEN TODAY AFTER YESTERDAY FALL
BUY COPPER @ 319-320 SL 317.80 TGT 322.50-324.20-326.80. MCX
MCXARUN
9994500540
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