Commodity Outlook for Copper by KediaCommodity

CopperCopper ended steady recovering its most of the losses on overseas demand prospects, triggered by strong data, was offset by a strong rupee, which made the dollar-quoted asset cheaper. Chile's copper output will rise around 3 percent in 2010 from last year's levels and the government expects strong demand from China to underpin the market. Copper has touched a low of Rs 352.8 a kg after opening at Rs 356, and last traded at Rs355.3.For today market is looking for the support at 352.7, a break below could see a test of 350.1 and where as resistance is now likely to be seen at 358, a move above could see prices testing 360.7.

Trading Ideas:

Copper trading range is 350.1-360.7.

Copper ended steady recovering its losses on overseas demand prospects

Copper is getting resistance at 356.90 and support is at 354.10 level.

Sentiment is still pretty positive following the robust performance after last week’s data.

BUY COPPER APR @ 353-354 SL 351.80 TGT 355.50-357-358.80.MCX