AHMEDABAD (Commodity Online): MCX Copper ended down by -0.75 to settled at 399.25 after touching its lowest level in a week, as risk appetite subsided after surprisingly weak German growth data fanned worries about a faltering global economic recovery. Losses were sustained in after-hours business after a meeting between French and German leaders failed to quell concerns about the euro zone debt crisis. Investors reduced risk after data showed the German economy slowed between April and June to its weakest quarterly growth rate since 2009. Fitch Ratings affirmed the United States' top-notch credit rating at AAA, giving the world's largest economy a reprieve after it was downgraded by Standard & Poor's little more than a week ago.
For today's session MCX Copper futures is looking to take support at 396.1, a break below could see a test of 393 and where as resistance is now likely to be seen at 402.4, a move above could see prices testing 405.5.
Copper futures trading range is 393-405.5.
Intraday traders can sell MCX Copper August contract near 404 with the stop loss of 408 and can wait for the targets of 400 and 397.
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