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MCX Copper Technical Comment For 06 Feb 2015


MCX Copper February expiry contract ended higher for second straight session in a row. The prices consolidated the moves above Rs 350. Prices are in close proximity to levels of Rs 360 and 365 per kg. Copper ended the day at Rs 355.5 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 346.90 per kg, and a high of Rs 356.65. per kg was noted. Open interest was at 13173 on 5 Feb 2015 against 13556 on 4 February 2015. Indicating squaring of short positions
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