AHMEDABAD (Commodity Online): Copper Feb moved up 0.83%. Copper opened at 315and made a low of 313.5 and day’s high of 318.2
Total volume for the day is 33455 lots and open interest is around 21803. Support for Copper is at 312-309. Resistance level is at 320-330.
Japan’s gross domestic product grew at an annual 4.6 percent pace in the fourth quarter, the Cabinet Office said in Tokyo today, more than the 3.5 percent median estimate of economists surveyed by Bloomberg News. The price of copper more than doubled last year on forecasts for economic growth.
Copper prices are continually increased from296.4 to 320 in 8 days. 14 days RSI for Copper is at 54 and it is increasing continuously since last 5 days due to buying pressure.
“Technically, one can buy Copper at 315 with a stop loss of 310 for target of 325,” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.
“Fundamentally, Copper is very strong. One can enter into a long position at 310 levels for long term,” said Shah.
