AHMEDABAD (Commodity Online): MCX Copper yesterday traded with the positive node and settled 0.57% up at 373.95 after a series of improving U.S. and Chinese economic data triggered short-covering and investors were more optimistic that European leaders were closer to a plan on the euro zone debt crisis. Prices maintained gains following Chinese inflation figures that suggested its central bank may pause from its tightening cycle, and despite a mixed bag of results from the U.S. But support was also coming from hope a resolution may soon be coming to the Europe debt crisis. China's consumer inflation dipped to 6.1 percent in September, sparing policymakers a jump in price pressures while they fret about slower growth, although stubborn food price rises showed Beijing's fight against inflation was not over. China is the world's largest copper consumer, accounting for nearly 40 percent of global demand estimated this year at around 20 million tonnes. For today's session MCX Copper is looking to take support at 372.2, a break below could see a test of 370.4 and where as resistance is now likely to be seen at 375.1, a move above could see prices testing 376.3. MCX Copper Nov Contract trading range is 370.4-376.3. Intraday traders can sell MCX Copper near 376 with the stop loss of 381 and can wait for the targets of 370 and 367. To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com

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