AHMEDABAD (Commodity Online): Copper fell by 0.44% during trading session on MCX as Dollar gained against Euro. Profit booking took place in Copper with thin volume.
Copper opened lower on weak clues from Asia this morning on MCX. Getting support from Europe equity, it made a intraday low of 328.05.
Copper opened at 330.6 and made intraday low of 328.05 on MCX. Total volume for the day was 40829 lots and open interest was around 37077.
Support for Copper can be seen at 325 while resistance is at 333. Copper has increased from 314.15 to332.9 during last five trading days. 14 days RSI for Copper is at 68. Copper inventories declined by 3375 tones and war recorded at 416,275 tonnes .
“Technically, one can sell Copper at 333 with a stop loss of 335 for target of 330,” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.
“Fundamentally, Copper is strong. One can make buy position at 315 levels for long term,” said Shah.
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