Monday, 28 March 2011
Commodity Outlook for Copper by KediaCommodity
Copper ended settled flat as investorscontinued to weigh theeconomic impact from Japan's nuclear catastrophe and a worsening debt crisis in Europe. China's physical metals market is still demonstrating no clear signs of aggressive restocking, which also helped reverse the upward metals had built up since the Japanese earthquake and tsunami prompted expectations of higher demand for reconstruction efforts. Chile's Codelco said its 2010 output dipped but should be steady this year, and expects strong Chinese demand, Japan's recovery after a natural disaster, as well as new uses to stoke demand. In yesterday's trading session copper has touched the low of 438.1 after opening at 438.5, and finally settled at 439.1. For today's session market is looking to take support at 438.3, a break below could see a test of 437.6 and where as resistance is now likely to be seen at 439.6, a move above could see prices testing 440.2.
Trading Ideas:
Copper trading range is 437.6-440.2.
Copper ended settled flat as investors continued to weigh the economic impact
Copper is taking resistance at 441.80 and support is seen at 437.20
Copper weekly stocks at Shanghai exchange came down by 5143 tonnes.
(Source: http://www.topnews.in/commodity-outlook-copper-kediacommodity-2319900)
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