TOP: Commodity Outlook for Copper by KediaCommodity
Copper closed higher powered by weakness in the dollar and improved demand prospects reflected in upward Chinese growth forecasts and declining inventories. Inventories of copper stored in LME warehouses fell 1,400 metric tons, leaving them at 515,525. The most recent Comex inventory data, released late Friday afternoon, were down 22 short tons at 101,446 short tons. Copper has touched a low of Rs 341.35 a kg after opening at Rs 341.35, and last traded at Rs350.65.For today market is looking for the support at 344.4, a break below could see a test of 338.1 and where as resistance is now likely to be seen at 354, a move above could see prices testing 357.3.
Trading Ideas:
Copper trading range is 339.7-342.1.
Copper closed higher powered by weakness in the dollar and improved demand prospects
Copper is getting resistance at 352.20 and support is at 348.80 level.
Copper daily stock at Shanghai exchange came down by -24 tonnes.
