MCX Copper February expiry contract ended Tuesday session on a lower note with prices closing below Rs 370 per kg. The closure below Rs 380 has opened gates for further losses in the metal, which can extend to Rs 350 in long run. The prices ended the day at Rs 364.95 per kg. There has been a constant fall in Copper prices and are now free falling, with limited indications of revival. Higher lows pattern has been noted in Copper. This means that further correction below Rs 360 cannot be ruled out. A consolidation in Copper if any will be facing resistance at Rs 380 per kg. The low for Copper was at Rs 364.2 per kg, and a high of Rs 375.6 per kg was noted. Open interest was at 16272 against 16685 on 12 January 2014.
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