Commodity Outlook for Copper by KediaCommodity
Copper rose in choppy trading that tracked swings in volatile currency markets ahead of a key Federal Reserve meeting next week. Meanwhile, although China's refined copper imports in September declined 15% from a year earlier to 241,711 metric tons, the world's largest copper consumer imported 683,523 metric tons of copper concentrate, 22% more than a year earlier, the General Administration of Customs said. London Metal Exchange copper stocks fell 900 tonnes to 367,475 tonnes on Tuesday. COMEX copper warehouse stocks down 164 short tons to 75,710 short tons as of Oct. 25. Copper has touched a low of Rs 377.85 a kg after opening at Rs 380.55, and last traded at Rs381.95.For today market is looking for the support at 379.1, a break below could see a test of 376.2 and where as resistance is now likely to be seen at 383.6, a move above could see prices testing 385.3.
Trading Ideas:
Copper trading range is 376.2-385.3.
Copper rose tracking swings in volatile currency markets ahead of key Fed meet
Copper is taking resistance at 383.60 and support is seen at 379.10.
Copper daily stocks at Shanghai exchange came up by 1079 tonnes.