On India's MCX, Copper for April delivery is looking sideways for
today's trading session and trend is unclear for now. Copper prices are
expected to trade in range of 405-410, according to our analyst.
“The commodity has good support at 405 and if it falls below the level, then it could test level of 403,” said Amrita Mashar, Research Analyst at Commodity Online.
“The resistance of the commodity is likely to be at 410 and if it trades above that level then it could touch 412 levels. Intra-day traders should wait till evening before entering into short term trades,” she added.
On India's MCX, copper for delivery on April 30 was spotted trading at Rs.406.80 a fall of 0.55% as of 05.06 PM, IST.
Due to short covering fuelled by a port strike in Chile, and a force majeure event called by India's largest copper smelter, Copper gained above 405 mark.
The Chile's government has called for a swift solution to the stoppage on Thursday. But there are no clear signs of when that could happen.
Copper on the COMEX for delivery on May13 is trading at $ 3.344 a fall of $ 0.008 or 0.24% as on 05.18 PM, IST.
“The commodity has good support at 405 and if it falls below the level, then it could test level of 403,” said Amrita Mashar, Research Analyst at Commodity Online.
“The resistance of the commodity is likely to be at 410 and if it trades above that level then it could touch 412 levels. Intra-day traders should wait till evening before entering into short term trades,” she added.
On India's MCX, copper for delivery on April 30 was spotted trading at Rs.406.80 a fall of 0.55% as of 05.06 PM, IST.
Due to short covering fuelled by a port strike in Chile, and a force majeure event called by India's largest copper smelter, Copper gained above 405 mark.
The Chile's government has called for a swift solution to the stoppage on Thursday. But there are no clear signs of when that could happen.
Copper on the COMEX for delivery on May13 is trading at $ 3.344 a fall of $ 0.008 or 0.24% as on 05.18 PM, IST.
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