MTECHTIPS;-Technical Comment for the Day: Copper
MCX Copper June expiry contract lost ground for session ending 21 July 2015. The range of Rs 355 has been sold by day traders while Rs 348 has witnessed strengths. On 21 July 2015, Copper ended the day at Rs 350.15 against 351.40 per kg on 20 July 2015. Copper peaked at Rs 424 per kg in mid of May, but since then it has been a declining trend. The prices have been oversold but the progress of declines has been slow in last few days. Potential of Copper breaching Rs 348 looks weak at this juncture. It will require gains in volumes. On Wednesday trading gains are expected to get resisted at Rs 355 and 357 per kg. Meanwhile support for Copper is at Rs 348 and Rs 347 per kg. The low for Copper Tuesday was at Rs 348.80 per kg, and a high of Rs 355.85 per kg was noted. Open interest was at 18975 on 21 July 2015.