AHMEDABAD (Commodity Online): MCX Copper Nov contract recovered losses in choppy trade amid hopes Greece will abandon plans to hold a referendum over a Eurozone bailout and bets a ECB rate cut will boost markets, but gains were limited by ECB talk of a 'mild recession' by the year-end having earlier hit a session high of 390.90 after the ECB announced a surprise rate cut of 25 basis points. The cut came as concerns over the EU debt crisis outweighed inflation worries, with the Greek government teetering on the brink of collapse amid anger over PM George Papandreou's call for a referendum on an EU bailout package.
A Papandreou spokesman said earlier the ruling party is ready to hold talks with the opposition on its demand for a caretaker government to be set up until snap elections can take place. The opposition as well as some government lawmakers wants to force through approval of a euro zone bailout and prevent a disorderly default - a move which should be taken positively by markets including metals.
For today's session market Copper future is looking to take support at 383.8, a break below could see a test of 378.2 and whereas resistance is now likely to be seen at 397, a move above could see prices testing 402.
MCX Copper Nov contract trading range is 378.2-402.
Intraday traders can buy MCX Copper Nov contract near 392 with the stop loss of 387 and can wait for the targets of 397 and 400.
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