Copper, the leader of the base metals complex, declined by 1.1 percent on the LME yesterday on account of a stronger dollar index and weak economic data from US and Euro Zone which indicated a slowdown in the global economy. However, sharp downside in prices was restricted on the back of fall in copper LME inventories which dropped by 1.6 percent to 235,200 tonnes on Thursday.
In MCX the Copper is in perfect uptrend. Currently Copper is in strong uptrend and the trend is supported with good volume The open interest is not increasing with trend. Cautious point is buying at higer levels seems decreasing. The oscillator is showing BUY signal For short term The current position is BUY. Positionally Support for the Copper is 440-435. Immediate resistance for Copper is 452-455.
We suggest to buy MCX Copper Jun above 446.50, Stop loss 442, Target 449.50-452.50
