COPPER: CONSOLIDATE STRATEGY BUY ON DIP R2-440 R1-434 S1-424 S2-418
Copper futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal ahead of the monetary policy decision by the European Central Bank (ECB) which is likely to keep interest rates unchanged at a record low in a bid to help revive growth in the struggling 18-member Euro area economy, lifting the demand outlook for industrial metals. Investors are also eying the Chinese trade numbers due tomorrow which may signal strength in the world’s biggest metals consumer.
At the MCX, copper futures for August 2014 contract is trading at Rs. 432.15 per 1 kg, up by 0.52 per cent, after opening at Rs. 430.95, against the previous closing price of Rs. 429.90. It touched an intra-day high of Rs. 432.20.
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