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Technical Comment For The Day: Copper

Capital Market/ 09:37 , Sep 05, 2013

A sharp selloff was noticed in Copper as traders rushed to safety with sharp liquidation of long positions. The most active November expiry contract of copper on MCX, declined by 5.4% in a day to close at Rs 483.7 per kg. The month of September has been full of sharp bounces and sell offs in the metal. The supports that were at Rs 481 per kg were tested in a single session. From current levels further correction is possible towards Rs 470 per kg if Rs 481 is taken out of the equation. Resistance for the contract is at Rs 489 per kg.

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