mcx copper price intraday outlook 8 june 2015
Mcx copper future today trading at 382.65 with flat gains. In intraday till 1pm, copper made high around 384.5 while intraday low was at 382.1 and trading near it. Today’s trading volume till now is 5350 contracts.
Copper future open in positive but seen sharp supply from market near 385 zone. For intraday my outlook will remain bearish and expecting downside targets. 385-386 and then 392 are strong resistances while for intraday 378 and 374 are strong support zones as well as target levels.
We already given sell call for copper future with positional target at 374 for subscribers. Same call also given as free on site. Positionally below 374, mcx copper future next major support will be 362 rupees.
In international market, Copper prices struggled near the lowest level in six weeks on Monday, after data showed that China’s imports of the red metal slowed in May. Three-month copper on the London Metal Exchange was up 0.4 percent at $5,958.50 a ton by 0410 GMT, not far above Friday’s trough of $5,885, its weakest since April 23.