London copper futures extended overnight gains in Asian trade on Friday, pulling up Shanghai prices by their daily limit as Asian stocks tracked Wall Street`s rally. Copper has touched a low of Rs 187.1 a kg after opening at Rs 187.45, and last traded at Rs187.5, Ajay Kedia, managing Director of Kedia Commodities said.
In today`s session of MCX, Copper November contract was trading down 2.48%at Rs 182.80 per kg. It opened at Rs 186.55 as against its previous closing of Rs 187.45.
For today market is looking for the support at Rs 187.10, a break below could see a test of Rs 186.80 and where as resistance is now likely to be seen at Rs 187.80, a move above could see prices testing Rs 188.20.
The MCX copper futures are expected to trade within the range of Rs 180-188.60. If it sustain above the level of Rs 190 then only it will reflect bullish trend. Otherwise, it may fall till Rs 178 a kg.
There is an opportunity to book profit by taking long position in MCX copper futures at lower level at Rs 179-180.50 with a stop loss of Rs 177.80 and target of Rs 181.80-183.40-186.50 and selling it below Rs 186.50 with a stop loss of Rs 188.80 and target of Rs 184.80-183.20-181.70.
