Copper, the main commodity of the base metals pack has declined sharply in the current year. Returns on a year-to-date basis in copper are down by almost 21 percent on the London Metal Exchange (LME), while the scenario in the Indian markets is better as a weaker Rupee has cushioned sharp downside in copper prices on the MCX, with negative returns to the tune of 11 percent. The currency factor plays a crucial role in price performance on the Indian bourses. Performance in the month of October was positive as copper prices gained 13.5 percent on the LME on hopes of solution towards the European debt crisis which helped uplift sentiments in the global markets.
MCX Copper Technical Levels :
Resistance : 415
Support : 350
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