Mcx copper February expiry future, this week closed at 312.2 with gain. This was the second positive week for copper prices after straight 6 weeks continues to fall. This week copper hit high around 315 while low was around 298. Total 17 rupees or almost 5% plus weekly move from the bottom and strong closing.
Copper slowly heading towards its 20 weeks average level which is at 335. For next week, copper after small correction might resume recovery rally towards 335. On the downside, copper will have support around 305 and then 293. While on the upside will face strong supply from the market at 318 and then 335.
For fresh investors and traders, 305 or below its levels are best-buying zones with minimum risk and higher reward. Monthly chart suggesting copper as soon as gives breakout above 318 will show 332 to 340 levels. While on daily chart copper had given breakout above triangle.