Copper Technical Comment For 23 July 2015

MCX Copper June expiry contract lost ground for session ending 22 July 2015. A decline below Rs 350 is causing the pain in prices to aggravate as this marks free fall from psychological barrier. On 22 July 2015, Copper ended the day at Rs 344.40 on 22 July 2015 against 350.15 per kg on 21 July 2015. Copper peaked at Rs 424 per kg in mid of May, but since then it has been a declining trend. The prices have been oversold but the progress of declines has again got vigor in last few days. Potential of Copper breaching Rs 340 looks strong at this juncture. On Thursday trading gains are expected to get resisted at Rs 348 and 350 per kg. Meanwhile support for Copper is at Rs 342 and Rs 340 per kg. The low for Copper Wednesday was at Rs 343.40 per kg, and a high of Rs 349.20 per kg was noted. Open interest was at 20209 against 18975 on 21 July 2015.
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