Wednesday, February 2, 2011

Copper News- Technical Levels suggest rally in Copper

MCX Copper future prices gained as much as 3.70 percent during the week by surpassing previous week’s peak of 446. It tested intraday high of 460.25 and last traded at 457.75.

MCX Copper February contract opened slight higher at 458.80 per Kg. Copper three month delivery contracts dropped 0.14 percent to 456.15 with total volume of 45358 lots.

Overall trend seems positive for the year 2011 and  Copper may extend its bull rally up to 465 in coming weeks.
Technically, Copper future looks strong on charts. Copper future prices traded above 55 days linear regression which suggests it on continues buying mode for coming days. Technical support for the said contract is seen near 438.

Positional traders can buy around 446 can be considered as best opportunity to earn profit in Copper futures, he added.


Posted By Commodity MCX Tips