Comments
The MCX-Copper contract still remains in its consolidation phase. The contract has been range-bound between ₹365 per kg and ₹415 per kg over the last four months. A breakout on either side of ₹365 or ₹415 will decide its next move. The contract is currently hovering near the lower end of the range. A dip to test ₹365 is likely in the coming days. If the contract manages to bounce from ₹365, the range will remain intact and it can rise to ₹400 and ₹415 levels once again. But if the copper futures contract breaks below ₹365 decisively, it can fall to ₹350 or ₹345. The level of ₹345 is a key support and further fall below this level is less likely. A subsequent reversal from the ₹350-345 support zone can take the contract higher to ₹365 and ₹370 levels once again. The contract will gain fresh momentum only if it breaks above ₹415 decisively. Such a break can take it higher to ₹428 initially. A further break above ₹428 will pave the way for the next targets of ₹450 and ₹460. It will also increase the likelihood of the contract revisiting ₹500 levels from a medium to long-term perspective.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.