Technical Comment For The Day: Copper 26-Feb-2014


neal bhai 9999974733Copper faced another session of losses on 25 February 2014, Tuesday. The expiry for Copper is near on 28 February 2014 and this is shifting the trades to new contract, thereby making the old one vulnerable. After the last session debacle, it becomes crucial that Copper remains floating above Rs 441 per kg. This is a important support zone, breaking which Copper can easily slip towards Rs 435 and 428 levels in coming days. Copper prices managed to recover a bit and got settled at Rs 444.55 per kg, down 0.41%. The futures of April have already come down below RS 447 per kg, which is a support zone. The prices ended the day at Rs 445 per kg. Further decline towards Rs 442 per kg is probable in Copper. Resistance of RS 447 per kg is active.