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Copper futures rose during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the industrial metal on increase in demand due to weakness in the US dollar after mixed US jobs data released on Friday dampened expectations of near-term US Fed’s interest rate hike. 

At the MCX, copper futures for February 2017 contract is trading at Rs 391.30 per kg, up by 0.92 per cent, after opening at Rs 390.30, against a previous close of Rs 387.75. It touched the intra-day high of Rs 392.20. 

Technically now Copper is getting support at 384.6 and below same could see a test of 381.3 level, And resistance is now likely to be seen at 393.6, a move above could see prices testing 399.3.         

                     Trading Ideas 

1. Copper trading range for the day is 381.3-399.3.

2. Copper dropped as BHP Billiton’s Escondida mine in Chile, has resumed work as the company has requested government mediation to avoid a looming strike. 

3. The latest data from the International Copper Study Group (ICSG) showed the refined market recorded a surplus of 48,000 tonnes in October.