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Copper traders turned bullish for the first time in seven weeks on mounting confidence that global growth will strengthen, diminishing stockpiles after a year in which mine production fell by a record amount.
We expect copper to move till about Rs 430-440 in the domestic market. We believe a further decline will be coming in on London metal exchange inventories and prices could be propped up to almost USD 8,900 to 9,000 on the LME.
Copper prices tested the higher end of the channel, one should be caution as a close below 435 should witness a profit booking in the counter. A close above 435 should witness a fresh buying. oscillators are trading flat to positive.
