For MCX Copper February contract prices are still trading below the crucial support of 403. The momentum is also assisting the down move. Day’s bias probably for an initial pullback followed by a consolidation and drift lower till 397/395 levels.
Copper has been more or less in a range for most part of last month and 7,450 on LEM is an important support at the moment. If this holds out we could be looking at a pull back in prices. The recent economic data from US has been supportive.
While we have European debt concerns on one hand weighing on prices, support economic data has also cushioned prices on the lower side. So, if 7,450 is not broken we could be looking at a pull back till 7700. In the domestic market Rs 396 is the level we are watching out. Until this holds there should be a pull back till about Rs 407-409.
Copper has been more or less in a range for most part of last month and 7,450 on LEM is an important support at the moment. If this holds out we could be looking at a pull back in prices. The recent economic data from US has been supportive.
While we have European debt concerns on one hand weighing on prices, support economic data has also cushioned prices on the lower side. So, if 7,450 is not broken we could be looking at a pull back till 7700. In the domestic market Rs 396 is the level we are watching out. Until this holds there should be a pull back till about Rs 407-409.
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