Technical Comment For The Day: Copper 14-Feb-2014

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gsr-04MCX Copper closed at Rs 446.3 per kg , up 0.10%. The prices remained in a thick trading range between Rs 448 and 443 per kg. The 200 day EMA at 446.7 was saved on a closing basis. The prices tested a high of Rs 447.45 per kg but slipped at the time of closing. A resistance of Rs 451 still needs to be broken for prices to reach next levels of Rs 458. It is expected that reaching levels of Rs 458 per kg will bring fresh shorts in the markets. Supports of Rs 441 and 440 per kg has been tested twice this month but is yet to get breached with high volumes. COMEX Copper traded at $ 3.25 per pound, when last checked, up 0.1 cents.

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