Technical Comment For The Day: Copper 07-Feb-2014

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Copper closed ended at Rs 444.2 per kg on MCX without any noticeable trend on either side of the spectrum. The prices of February expiry contract maintained the dull trading zone of 4-5 Rs during the settlement on 6 February 2014. The intraday high for Copper was at Rs 446.9 per kg, while low was at Rs 442 per kg. Prospects of breaking Rs 440 on the lower side still look dull. The Bollinger band that has the lower band at Rs 440 per kg looks to be the consolidation zone for Copper. COMEX Copper traded at $ 3.24 per pound, when last checked, up 1.5 cents. With RSI and Stochastic stuck at 26 and 7 respectively, the likely hood of bounce in the metal looks strong.