AHMEDABAD (Commodity Online): Copper yesterday traded with the positive node and settled 0.71% up at 424.9. Today, Copper fell in the first hour catching up higher selling activity in international market. All metals remained under pressure due to weak technical indicators and low demand from last few days.
On Wednesday, Three-month April delievery Copper on the Multi Commodity Exchange down by 1.89 percent to 417.40 rupees per kilogram. Copper remains in zigzag mover continuous for the third day in ongoing week after series of loss in earlier trading session.
For today's session market is looking to take support at 418, a break below could see a test of 411 and where as resistance is now likely to be seen at 427, a move above could see prices testing 432 rupees.
Market expected any gains in Copper to be limited ahead of the Federal Reserve's policy announcement and Fed Chairman Ben Bernanke's press conference due on Wednesday.
For today's session market is looking to take support at 418, a break below could see a test of 411 and where as resistance is now likely to be seen at 427, a move above could see prices testing 432 rupees.
“Copper may plunge ahead of near expiry in contact. I am expecting price drop till 402 till current month about to an end,” said Amrita Mashar, analyst with Commodity Online.
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