AHMEDABAD (Commodity Online): Copper traded higher last week at MCX following overseas market trends, but on non-farm payrolls data released on Friday kept this uptrend limited.
Copper August contract ended at 342.25 rose by more than 1.5 percent higher from last week low of 338.45 and also climbed to 346.45 rupees per kilogram.
On Monday, MCX Copper August contract opened at 342.85 rose by 0.70 percent or 2.50 rupees per kilogram. Copper was trading at 344.25 at 6:00 PM with open interest of 40543 and total volume of 48168 lots. Copper inventory decreased by 2150 at London Metal Exchange.
Instant support for copper stays at 343.30 and 342.10 while corresponding resistance seems to be at 345 and above 347. Copper price is expected to rise above 347 in this week. Fundamentally, Copper is strong in support of industrial demand, according to Amrita Mashar, Analyst with Commodity Online.
On a positive note from Chinese demand, Dollar weakness helped Copper price to sustain at upper level. A positive capital inflow in domestic shares, Indian Rupee also continued to trade higher. Continuous fall in stockpiles also helped boost Copper prices.
"I will be take a long position somewhere around 343.20, and I am expecting copper price rise up to 345 and perhaps above till 347 in coming days," said Amrita.
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