Copper Technical Comment For 21st Jan 2015


MCX Copper February expiry contract ended Tuesday session with increase in prices. Prices are now eyeing levels of Rs 360 per kg. The closure above Rs 355 has created opportunities for further gains in the metal, which can extend to Rs 362 per kg. The prices ended the day at Rs 355.85 per kg. Gains are expected to get resisted at Rs 358 and 360 per kg. On the lower side, correction will find floor near Rs 352 and 350 per kg. Yesterday, the low for Copper was at Rs 351.55 per kg, and a high of Rs 358.75 per kg was noted. Open interest was at 13389 against 13718 on 19 January 2014. Indicating decrease of short positions.
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