Tuesday, January 25, 2011

MCX Copper News- Copper Likely To Fall Down further

MCX Copper February contract opened this morning at 439 per kg. It made an intraday low of 430.35 and last traded at 431.10 down by 8.50 rupees.

Copper prices remained below 21 days linear regression which suggest more selling. Copper support is seen near 418 while it faces resistance near 443. Copper traded below its resistance since last four trading sessions. Copper future prices are likely to fall further and may touch 424 levels within next few trading sessions.

Positional traders can sell MCX Copper February contract near 434 for target of 420 with stop loss of 445.


Posted By Commodity MCX Tips