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.

Read more »

Copper News: Copper Fall Due to Sluggish Demand

Metal prices ended substantially lower on Friday. Copper has fallen after traders showed lack interest in buying metals following their recent drop in prices. Poor physical demand for metal also provided required support to slip.

Ahead this week, Copper fall consecutive for third straight day. On Thursday, at MCX counter Copper January delivery contract drop by 1.12 percent and tested week low at 436.65 new high at 1173 in morning trades.
Copper remains negative in last few days due to selling sentiment. China policy fear also affect Copper price to stay in red zone. Further falling can be expected at this stage as selling may continue. This days Dollar is acting as key, metals have gained despite of the Dollar adding some gain.

Read more »