Copper.......
Benchmark MCX Copper prices were yet again in trouble reaching Rs 422 per kg. The August contract settled at Rs 421.85 per kg, up 0.50 percent. Expectations for the prices to cross the hurdle of Rs 422 per kg are grim considering the weak PMI numbers of China. The opening is expected to be dull. The parallel trading channel of Copper between Rs 422-424 on higher side and Rs 413-411, on the lower side remains unthreatened at this juncture. The far month November expiry contract looks tugged at Rs 430-432, on higher side. Open interest has remained averaging around 25400 in the last few days. Volumes on the other hand are getting weak considering the expiry is the next week.
Trading Strategy: SELL MCX COPPER AUG AT 422.5-423 TARGET 417 SL 425.5
Source by Commodity Insights
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