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The base metals complex on the MCX traded on a negative note on Monday, with copper being the worst performer of the day. The red metal declined sharply by 1.7 percent on the MCX and touched an intra-day low of Rs. 422/kg yesterday.
Copper prices witnessed a selloff after breaching the support at 428, for the day prices are expected to bounce till 426 -428. Oscillators heading down. MCX Copper is suggested that prices have reversed after taking suport at 422 levels. Stochastic has given a positive crossover. We expect prices to go up to levels of 428.
Trading Call: Buy MCX Copper around 424 levels with a stop loss placed below 421 levels for targets of 428 levels.
