Copper was down on Friday , as concern about future demand with china has stocks peaked and those massive imports numbers have seen could come off quite drastically .
Copper has gained more than 63 percent this year, which boosted by demand from china , the top consumer of the metal and falling inventories , which currently stand at 2,80,350 tonnes the lower since November last year .
From now on “ Its going to depend on consumer , But I see the limited upside for most of the commodities, till fundamentals are not going to imrove much near term . Economic data has helped improve sentiment , but further gains will be dependent on health of economy .
We expect copper prices to trade in range of $ 4850 – 5100 , in Mcx copper futures prices can see support at 232 and resistance at 242 levels.
“ It need to break and then it will if we get closed below $4925 , were we can get quick lower move . support would be seen at 4800 level
Happy Trading !
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