AP: Commodity Outlook for Copper by KediaCommodity
Copper gained as markets got a shot of optimism after a key report showed the U.S. shed fewer jobs than expected last month. Once-a-week data released on Fridays by the Shanghai Futures Exchange showed a weekly decline of 858 metric tons to 148,620. Inventories of copper stored in LME-monitored warehouses fell 1,075 metric tons Friday, leaving them at 543,150. Copper has touched a low of Rs 343 a kg after opening at Rs 343.7, and last traded at Rs344.45.For today market is looking for the support at 343.5, a break below could see a test of 342.5 and where as resistance is now likely to be seen at 345, a move above could see prices testing 345, a move above could see prices testing 345.5.
Trading Ideas:
Copper trading range is 342.5-345.5.
Copper finished with healthy gains as better-than-forecast U.S. jobs data encouraged investors
Copper is getting resistance at 344.80 and support is at 342.10 level.
Copper weekly stock at Shanghai exchange came down by -858 tonnes.
