Commodity Outlook for Copper by KediaCommodity
Copper rose as inflation expectations, robust Chinese demand and supply kinks ahead attracted fund inflows. Investors remained confident Chinese demand would remain strong, despite recent concerns that potential further monetary tightening in the world's top base metals consumer could hit the country's demand. News of supply troubles at a Chilean port underlined the metal's fragile supply side picture, adding background support to prices. Copper has touched a low of Rs 418.9 a kg after opening at Rs 418.9, and last traded at Rs422.6. For today market is looking for the support at 419.6, a break below could see a test of 416.6 and where as resistance is now likely to be seen at 424.9, a move above could see prices testing 427.1.
Trading Ideas:
Copper trading range is 416.6-427.1.
Copper rose on inflation expectations and robust Chinese demand
Copper is taking resistance at 424.90 and support is seen at 419.60.
Copper daily stocks at Shanghai exchange down up by 3375 tonnes.