By Amrita Mashar AHMEDABAD (Commodity Online): Copper futures is dropping continuously since last four days after testing strong resistance at 345. In last trade, Copper August contract ended at 337.20 with supporting of total volume 119992 lots. Copper declined continuously at international market on concern that metals demand may diminish as economic growth of US and China demand concerns. Last week's US Non-farm payrolls data played key role for drop in metal prices. On Thursdays morning, MCX Copper August contract opened at 336.90, drop by 0.58 percent or 1.90 rupees per kilogram. Copper was trading at 335.80 with open interest of 38641 and 30443 at 12:15 PM. Instant support looks at 335 and 333 corresponding resistance seems to be at 337.5 and 339. Technical indicators are showing bearish signal after price fall from strong resistance at 345. Copper failed to sustain at crucial resistance resulting in downside. 14 days RSI is reading at 56 in compared to immediate previous high of 79. Copper was expected to correct as it was trading over buying zone since last few days. In addition, Copper was expected to correct as it was trading in over buying zone from last few days. Copper inventory is increasing at London Metal Exchange since one week. Weak demand at physical markets also kept pressure on the copper future. Speculators have also reduced their position after weak price trend in global market. Fundamental Copper seems to be weak from here. Copper expected to drop till 330 following strong resistance at 338. To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com

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