MCX Copper Trading Range

Copper trading range for the day is 403.7-417.3. Market is looking to take support at 407.8, a break below could see a test of 403.6 and resistance is now likely to be seen at 414.6, a move above could see prices testing 417.3.


Copper prices traded positive yesterday taking positive cues from ECB meeting amid positive euro and equity markets supported the trend pushed LME Copper above $7,450/t. Investors sentiments improved on news that Germany and European Union officials were urgently exploring ways to rescue Spain's debt stricken banks.

The red metal prices touched an intra-day high of $7,477/tonne and closed around $7,464/tonne in yesterday’s trading session. On the MCX, Copper June contract gained by 1.5 percent and closed at Rs.411.90/kg after touching an intraday high of Rs.413.20/kg on Wednesday. However, appreciation in the Indian Rupee prevented further increase in copper prices. [ Via ]

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