Commodity Trading Tips for Copper by KediaCommodity
Copper yesterday traded with the negative node and settled -0.36% down at 449.3 and managed to eke out a minor gain by the close on Wednesday, buoyed by a weaker dollar and upbeat U.S. jobs data, although inflation concerns from higher oil prices continued to limit the upside. Copper prices remain tethered to the volatile energy markets, where oil prices rose Wednesday to within sight of 2-1/2-year highs. LME three-month copper went untraded at the close, but was last bid at $9,889 a tonne, up $4 from Tuesday's close. Technical’s aside, sentiment remained weak due to unrest in North Africa and the Middle East. In yesterday's trading session copper has touched the low of 445.65 after opening at 449.5, and finally settled at 449.3. For today's session market is looking to take support at 446.4, a break below could see a test of 443.4 and where as resistance is now likely to be seen at 451.5, a move above could see prices testing 453.7. Trading Ideas:
Copper trading range is 443.4-453.7.
Copper ended down but trimmed some of its looses buoyed by weaker dollar and upbeat U.S. jobs data
Copper looks to hold support at 446.60 and resistance at 452.80 level.
Copper daily stocks at Shanghai exchange came down by 124 tonnes.