The near month contract of Copper looks to be a good buy if technical charts are taken into picture. MCX Copper contract for November expiry is trading at Rs 177 per kg up Rs 2. The prices can take further multiply to Rs 184 per kg from here. Supports for the contract are at 176 levels. Copper has confronted with major brunt from the bears in the last few months. The prices were in the range of 330 levels during August from where they have crashed to the current levels.
Copper is the most widely used industrial metal and with liquidity crisis across the world, the demand has been affected adversely. Inventories data from Shanghai released last night showed a week on week decline of 3797 tonnes to 17699, depicting that at these prices demand has started emerging from China.
Copper is the most widely used industrial metal and with liquidity crisis across the world, the demand has been affected adversely. Inventories data from Shanghai released last night showed a week on week decline of 3797 tonnes to 17699, depicting that at these prices demand has started emerging from China.
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