Market and product
Copper futures will go down on profit booking
AHMEDABAD (Commodity Online): MCX Copper yesterday traded with the negative node and settled -0.29% down at 433, failing to build on an earlier rally sparked by indications that the Federal Reserve was ready to stimulate the world's largest economy further, if needed.
Copper futures initially shot higher in tandem with other commodity markets after Bernanke told a House committee, "The possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might reemerge, implying a need for additional policy support." But the rally quickly ran out of steam as investors equated the need for potential further accomodative policy with weaker-than-expected economic conditions, limiting its bullish appeal.For today's session MCX Copper market is looking to take support at 429.9, a break below could see a test of 426.9 and where as resistance is now likely to be seen at 437.4, a move above could see prices testing 441.8.
Copper futures trading range is 426.9-441.8.
Intraday traders can sell MCX Copper near 436 with the stop loss of 441 and can wait for the targets of 430 and 427.
