Trading sentiments spun bearish on fresh selling and weak trend at London Metal Exchange in early trade today that put pressure on Copper price. Low demand for copper also put force at physical market which dragged copper price lower and lower. The Strong rupee also had a major impact on the metal prices.
MCX Copper February delivery contract dropped by 0.85 percent 394.90 rupees per kilogram. Copper price is trading in range of 390-400 rupees in intraday.
Trading Strategy for MCX Copper:
One can sell copper nearly by 398.01 with stop loss of 401.85. Copper prices may drive down towards 392 and even lower 389 are expected till weekend. Even for all metals Selling on rise should be investor's strategy.