AHMEDABAD (Commodity Online): Copper yesterday traded with sideways tone in narrow range of 344.80-339.70, ended flat at 343.45. Copper price ended dry with no change in price after a constant gain for two days ahead of economic data. In last trade, Copper traded with positive note due to expectation of strong physical demand and weaker dollar driving prices to one-week high. But worries about overshadowed positive sentiment in equity markets also put stress on copper bullish rally. MCX Copper August contract opened at 343.45 rising 0.84 percent or 2.85 rupees per kilogram. Support for Copper is seen at 342.50, below it could test 340 and resistance is at 346, above it may test 348. Inventories tracked by the London Metal Exchange rose today by more than 200 tons compared to yesterday' heavy fall. “Copper is very economically sensitive commodity. Copper is fixed in narrow range of 334-345 from last two weeks putting question on investors and traders mind what outlook going to be further. For this week if prices will not close above 346 then I can see copper will move down further till 335 and even below till 330,” said Amrita Mashar, analyst with Commodity Online. Strong demand and weakness in Dollar prices to boost copper price higher. In addition, negative economy data from US will put pressure on bull-rally. For Today, Copper price is likely to trade in tight range till it sustains above 346. One can take long position near 343 for target at 347. 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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