AHMEDABAD (Commodity Online): MCX Copper prices had recovered by 1.60 percent, to Rs 394.50 per kg in futures market on Monday, as speculators covered up their short positions due to optimistic global cues.
The Dollar Index saw some rebound on Tuesday against Euro. Base metal prices traded with positive bias after witnessing selling pressure on weak Dollar Index today.
The prices have bounced after a series of fall in the market in last week due to gains on lower LME stocks and some buying at lower levels, maintained to Amrita Mashar, commodity analyst with Commodity Online.
Technically, Copper future looks strong for coming days. But the firmness is seen till 400 as prices are rising continuously for past few days. Buying at lower levels nearby 387 can be considered as best opportunity to earn profits in near term, added Amrita.
