MCX Copper is suddenly looking in a bearish mode for today’s trading. International updates also indicating for its bearish mode today. The LME updates suggest a three month Copper forwards declined by $ 33 per tonne, at $ 8051 per tonne. Copper prices were little changed as US leaders decision to extend the US federal borrowing authority was offset by weak physical demand in China. MCX Copper February expiry ended at Rs 436 per kg, up Rs 2.3 per kg. US Dollar closed at 1.312 against the Euro on Monday, up 20 pips.
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Copper prices are weak and likely to test 433 and 431 levels in the days to come so try to sell on rise till 438-39 for the target of 432-430. Nickel prices have breached the immediate support of 936, so looking at the chart prices should correct till 925-920 levels in the days ahead. Sell on rise till 938-40 for the target of 925-920.
