Copper Weekly trend and trading Report Global and Domestic market

MCX Copper futures fell during noon trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid doubts surrounding the health of the US economy as a regional factory gauge returned to contraction and unemployment claims climbed, dimming the demand prospects for the metal. The number of Americans who filed to claim jobless benefits rose by 14,000 to 266,000 in the week ended July 23 while a gauge measuring manufacturing activity in the Kansas region fell to -6 in July from 2 in June, with a reading below 0 signaling contraction.

At the MCX, Copper futures for August 2016 contract is trading at Rs 327.70 per kg, down by 0.47 per cent, after opening at Rs 328.90, against a previous close of Rs 329.25. It touched the intra-day low of Rs 326.25. Copper remained sideways in the session on Friday after a choppy session all through last week. The commodity is still facing trouble in breaking Rs 340 per kg. MCX Copper closed last session trades at Rs 329.70 per kg up 0.14%. The highs for Copper was at Rs 331.65 per kg while low was at Rs 326 per kg. The resistances have fixed towards Rs 333 and Rs 335 per kg. Supports are at Rs 327 and 325 per kg. For coming days it will be important for Copper to stay ahead of Rs 320 per kg otherwise prices can see a fall towards Rs 315.

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