Commodity Outlook for Copper by Kedia Commodity

Commodity Outlook for Copper by Kedia CommodityCopper settled nearly unchanged as participants awaited Greek bailout news expected over the weekend. Inventories of copper stored in LME warehouses fell 3,250 metric tons Friday, leaving them at 499,300. Once-a-week data released on Fridays by the Shanghai Futures Exchange showed a weekly rise of 1,534 metric tons to 189,441. Copper has touched a low of Rs 327.85 a kg after opening at Rs 331.05, and last traded at Rs330.9. For today market is looking for the support at 328.2, a break below could see a test of 325.5 and where as resistance is now likely to be seen at 333.3, a move above could see prices testing 335.7.

Trading Ideas:

Copper trading range is 325.5-335.7.

Copper settled nearly unchanged as participants awaited Greek bailout news

Copper is getting resistance at 332.60 and support is at 329.80 level.

Copper weekly stock at Shanghai exchange came up by 1534 tonnes.

BUY COPPER JUN @ 327-328 SL 325 TGT 330-332.50-334.MCX