MS: Copper may see major resistance at Rs 354: Bonanza
``Copper prices continued to gain strength as investors are expecting positive numbers to come out from China this week. This will indicate a rise in demand in the coming futures. Coupled with the expectation of positive cues from china, Friday`s data of non farm payrolls that came out to be negative for the US currency and hence making metals prices cheaper for the other currency holders. Falling trend in the LME warehouse stocks of copper is also adding to the strength in prices,`` said Basant Vaid, senior research analyst, Bonanza Commodity Brokers.
``Technically prices are in uptrend but now the prices are looking a bit too stretched and are near to the major resistance level of Rs 354. Once if prices manage to stay convincingly above Rs 346.40 may add another Rs 8-10 to its name but Rs 355 is a likely turn around point in copper prices,`` he added.