Ahmedabad (Commodity Online): Yesterday MCX Copper February contract traded in red zone and settled -0.55% down at 391.05 per kg trading close to three week low as ongoing fears of probable credit rating downgrades of several European countries could derail progress towards resolving the euro zone's debt crisis. Further China's November average new home prices rose by 2.2% from a year ago,the weakest rise so far in 2011, navigating the world's top consumer of metals away from a hard landing.
Today Morning session MCX Copper open at 390.65 per kg and currently trading at 389.40 per kg by 11:17 IST.
MCX Copper February contract trading in a range and that range is 393-386. In evening session data of Building Permits will come which is important for base metals. Expected data of Building Permits negative for Copper and base metals. China's home price data also bearish for base metals. Overall outlook negative for copper.
Technically MCX Copper February contract Support at 386 and Resistance at 393. Suggestion for today's session sell MCX Copper February contract on rise around 393 with stop loss of 396 for target 387 and 384, says Ankush Kumar Jain, Research Analyst with Commodity Online
