Yesterday copper price rose more than 1.1% at MCX counter with turnover of 141629 lots and ended at 333.90.
In morning trades copper price remained weak due to selling sentiment in London Metal Exchange and traders stayed away from fresh buying deals
Today MCX Copper opened at 333.30, fell by Rs 2 or nearly by 0.60 per cent to Rs 332.20 per kg at 03:46 pm, as speculators locked-in profits, driven by a weak global trend.
Resistance seems to be 336 and at 338.80. Immediate support looks at 330. Copper price is trading above 13, 21, 34 exponential moving averages. Directional moment has already given buy signal since yesterday, according to Amrita Mashar, Analyst with Commodity Online.
Industrial metal prices are trading upbeat on international market today. “I am expecting copper to extend its bull rally tracking strong overseas leads and a strong rupee,” she said.
“One can buy copper nearly by 330.50. Price may drive up towards 334 and even above 338 are expected till day end. Today’s strategy should be buy on deep for book profit on top; traders will get chance to join this bull party of copper due to unbeaten price moment. ” added Amrita.
