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Copper Market Report Update
Copper ended the session on 8 Feb 2017 at INR 394.15 per kg. The prices
tested a high of INR 399.25 per kg and a low of INR 392 per kg.
Technical charts suggest that breach below INR 390 per kg will be
damaging for Copper. The possibility of strike threat in one of the
major mines did cause a stir in the volumes and the speculative activity
on technical charts. Prices moved very close to the psychological
resistance of Rs 400 per kg before coming down.
Further appreciation
from here can take prices close to INR 398 and 399 per kg. On the lower
side Rs 392 and 390 per kg are supports. The ideal strategy can be to
buy Copper on declines. Gains are expected in Copper with opening near
Rs 400 and 402 per kg.
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