Copper Updates for Today

Copper faced yet another round of selling pressure on Monday and ended the week on a weak note above Rs 306 per kg. The gains are mostly vulnerable if they occur and prices can see fresh selling on every spike. The bears were waiting for this clear indicator that prices have formed now. The metal closed at Rs 307.45 per kg on 11 April 2016 minorly upwards from Rs 308.25 per kg on 8 April 2016. The prices tested levels of Rs 309.70 per kg as highs and Rs 305.70 per kg as a low. On the lower side a feeble support is emerging at Rs 306 per kg, if that is taken out it will be a free fall for Copper with price targets of Rs 303 and 302 per kg. On higher side, a strong resistance zone is built at Rs 309 per kg.

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