5:23 PM
Nifty Tips
Copper prices moved further higher in the domestic futures market as the global market shown positive signals on Friday. MCX Copper February contract gained Rs 1.15 or 0.32 percent to Rs 365.15 per kg with a business turnover of 23 lots. November contract also edged up by Re one or 0.28 percent to Rs 363.15 per kg with a business volume of 16 lots. Copper ended slightly lower consolidating just below the previous session's two-year peak, with a batch of better-than-expected data limiting losses and offering hope for improved economic activity into year's end. Copper benefiting from improved fundamental backdrop reflected in declining inventories and recent bouts of weakness in the U.S. dollar. LME copper warehouse stocks fell by 950 tonnes to 374,150 tonnes, having fallen from 6-1/2 year highs at 555,075 tonnes in mid February.COMEX copper warehouse stocks stood at 85,075 short tons as of Wednesday, down at lowest level since November 2009. For today market is looking for the support at 360.7, a break below could see a test of 359.3 and where as resistance is now likely to be seen at 363.4, a move above could see prices testing 364.6.
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