MUMBAI (Commodity Online): After opening at 399.95 on Monday morning, Copper at Multi-Exchange Commodity of India (MCX) gained more than 1.50% to trade at 405.70 in early morning trade.
The opening price remains the low of the day.
At the London Metal Exchange (LME), copper fell 0.2% to o $9,025 a tonne by 0354 GMT as per a Reuters report.
**The US credit downgrade by Standard & Poor’s is expected to pressure prices to fall further.
**The end of the Escondida Copper mine strike is also negative for copper
Copper had fallen from 435 to around 393 last week, from where it had bounced back to 399. The metal now faces a strong Support/Resistance of 405.
GEOJIT Comtrade view:
MCX Copper August: A direct fall below 416 could target 397; direct rise above 425 could dent this bearish view.
S1 405 S2 395 R1 425 R2 429.60
