MCX Copper February as seen in the weekly chart above has opened at 468.05 levels initially moved marginally lower, but has found good support at 464.70 levels. Later prices rallied sharply towards 474.40 levels, but could not sustain fell back lower towards 464.70 levels and finally closed sharply lower from the previous weeks closing levels.
For the next week we expect Copper prices to find support in the range of 462 –461 levels. Trading consistently below 460 levels would lead towards the strong support at 458 levels and then finally towards the major support at 450 levels.
Resistance is now observed in the range of 471.50-472.50 levels. Trading consistently above 473.50 levels would renew the previous weeks rally initially towards the strong resistance at 478 levels, and then finally towards the Major resistance at 482 levels.
MCX / LME Copper Trading levels for the week
Trend: UP
S1 – 462.00/ $7260 R1 – 471.50/ $7410
S2 – 458.00/ $7210 R2 – 478.00/ $7510
Weekly Recommendation: Buy MCX Copper February between 462-461, SL-455, Target -477.